New Partnership Creates Massive Buying Pressure

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, July 19, 2023

A California-based micro cap is making some major waves this morning after the company announced a partnership with Motrec International Inc, a globally recognized manufacturer of industrial electric vehicles.

According to the release, the industrial vehicle manufacturer will integrate the company’s DriveMod into their fleet of autonomous tuggers, which caused traders to get excited about Cyngn Inc. (Nasdaq:CYN), with shares currently bid up at $1.02/share (+7.82% implied open for sellers) at the time of writing. It should be an exciting session for this stock!

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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