Micro Cap Finds Early Success During Tuesday's Session

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, October 17, 2023

A company that is no stranger to popping up on our radar just made headlines again, causing quite the stir amongst traders. Earlier today, the California-based micro cap announced that it secured a new US patent covering the system and method of computation acceleration for its autonomous driving systems, according to a release.

Shares of Cyngn Inc. (Nasdaq:CYN) soared on the news, reaching up to $0.4172/share (+15.86%) at the early session high. This is the second time this month that this stock has popped up on our list!

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

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