- Cyngn ( NASDAQ: CYN ) on Tuesday announced it has been awarded a multi-phase contract to implement autonomous vehicle technology by a global, large-cap company in the heavy machinery industry.
- Shares rose as much as 9.1% to $1.20.
- The customer, whose name is being withheld for competitive reasons, is a Global 1000 company that operates in more than 100 countries across multiple industries, Cyngn said.
- Cyngn expects to recognize revenue associated with the contract as it meets future deployment targets.
- Other financial terms of the contract were not disclosed.
For further details see:
Cyngn to provide autonomous vehicle tech to a large industrial company, stock pops 9%