Cyngn vice president of business operations resigns effective Friday

Ben Landen, vice president of business operations at Cyngn Inc. (NASDAQ:CYN), has resigned from his position with the company, effective Friday. The announcement comes as the micro-cap company, currently valued at $34.28 million, faces significant market challenges, having lost over 96% of its value year-to-date. The announcement was made in a press release statement based on a filing with the Securities and Exchange Commission.

According to the company, Mr. Landen’s resignation was not the result of any disagreement with Cyngn regarding its operations, policies, or practices. The filing states that Cyngn thanked Mr. Landen for his contributions and wished him success in his future endeavors.

Cyngn Inc. is incorporated in Delaware and is headquartered in Mountain View, California. The company’s common stock is listed on the Nasdaq Capital Market under the ticker symbol CYN.

No additional information regarding a successor or interim appointment was provided in the filing.

In other recent news, Cyngn has made significant strides in various areas. The company has announced the deployment of its commercial DriveMod Tugger system at G&J Pepsi, marking an expansion into the material handling sector for consumer-packaged goods. Additionally, Cyngn has outlined a new growth strategy that includes potential cryptocurrency investments and acquisitions of revenue-generating companies. In a strategic financial move, Cyngn has entered into a $100 million at-the-market sales agreement with Aegis Capital, allowing for the sale of its common stock through the capital firm. The company has also secured its 23rd U.S. patent for a modular sensor system, which enhances the adaptability of automated guided vehicles. Furthermore, Cyngn’s autonomous tugger deployment at Coats Company has reportedly freed up over 500 labor hours, demonstrating the operational efficiency of its technology. These developments highlight Cyngn’s efforts to broaden its technological and financial horizons.

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