Cyngn (NASDAQ: CYN) shares slid 6% on Monday, even though an autonomous vehicle (AV) technology company secured its 19th U.S. Patent for AI-powered autonomous vehicle technologies.
Cyngn (CYN) has announced the issuance of a new patent, US-11,851,074-B2, for its autonomous vehicle (AV) and driving solutions. The new patent, “System and Methods of Large-Scale Autonomous Driving Validation,” enhances safety features by identifying and notifying issues arising from autonomous vehicle (AV) operations.
At this event, Cyngn’s Chairman and Chief Executive Officer, Lior Tal, said,
“I am pleased with the remarkable progress and pace of innovation our technology team has achieved as this latest patent expands our total number of U.S. patents to 19.”
He added,
“Before 2023, we were granted 3 U.S. patents. During the first half of 2023, 7 U.S. patents were granted with the second half of last year securing 9 additional patents. Currently, we have an additional 6 U.S. patents and 20 international patents submitted which we anticipate to be granted in the coming years.”
This latest patent follows closely after the Company’s recent announcement of securing patent 18, which safeguards Cyngn’s novel adaptive traffic rule-based decision-making for autonomous driving.
Cyngn (NASDAQ: CYN) Stock Reaction
CYN stock plummeted -6.05% on Monday. The traders had exchanged hands with 17,373,116 (17.37 million) shares compared to the average daily trading volume of 10.01 million.
