Cyngn Inc. Appoints New CFO, Restructures Board
Ticker: CYN · Form: 8-K · Filed: May 17, 2024 · CIK: 1874097
Sentiment: neutral
Topics: executive-change, board-change, cfo-appointment
Related Tickers: CYN
TL;DR
Cyngn just hired a new CFO, Michael Wilson, and shuffled its board. Out with the old CFO and a director.
AI Summary
Cyngn Inc. announced on May 15, 2024, a significant update regarding its executive team and board of directors. The company appointed Michael Wilson as Chief Financial Officer and a member of the Board of Directors, effective May 15, 2024. Additionally, the company announced the resignation of its previous CFO, TimothyAxisAlignment, and the departure of director, David Lee. These changes are effective immediately.
Why It Matters
The appointment of a new CFO and changes to the board of directors can signal a shift in financial strategy or operational focus for Cyngn Inc., potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Executive and board changes can introduce uncertainty regarding future strategy and leadership stability.
Key Players & Entities
- Cyngn Inc. (company) — Registrant
- Michael Wilson (person) — Appointed Chief Financial Officer and Board Member
- TimothyAxisAlignment (person) — Resigned Chief Financial Officer
- David Lee (person) — Departed Director
- May 15, 2024 (date) — Effective date of appointments and resignations
FAQ
Who has been appointed as the new Chief Financial Officer of Cyngn Inc.?
Michael Wilson has been appointed as the new Chief Financial Officer of Cyngn Inc.
When were the executive and board changes effective?
The changes were effective as of May 15, 2024.
Who resigned from their position as CFO?
TimothyAxisAlignment resigned from his position as CFO.
Has there been any change in the Board of Directors?
Yes, Michael Wilson was appointed to the Board of Directors, and David Lee has departed from the Board.
What is Cyngn Inc.'s principal executive office address?
Cyngn Inc.'s principal executive office is located at 1015 O'Brien Dr., Menlo Park, CA 94025.
Filing Stats: 842 words · 3 min read · ~3 pages · Grade level 15.5 · Accepted 2024-05-17 17:15:11
Filing Documents
- ea0206386-8k_cyngn.htm (8-K) — 27KB
- ea020638601ex10-1_cyngn.htm (EX-10.1) — 52KB
- 0001213900-24-044811.txt ( ) — 265KB
- cyn-20240515.xsd (EX-101.SCH) — 3KB
- cyn-20240515_lab.xml (EX-101.LAB) — 33KB
- cyn-20240515_pre.xml (EX-101.PRE) — 22KB
- ea0206386-8k_cyngn_htm.xml (XML) — 4KB
02 Departure
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Severance and Change of Control Agreement On May 15, 2024, Cyngn Inc. (the "Company") entered into a Severance and Change of Control Agreement (the "Severance Agreement") with Donald Alvarez, the Chief Financial Officer of the Company. The Severance Agreement provides for a lump sum payment to the officer if the Company terminates the officer's employment without Cause (as defined in the Severance Agreement), or if the officer terminates its employment for Good Reason (as defined in the Severance Agreement) or in the case of a Change of Control (as defined in the Severance Agreement) of the Company. The term, Change of Control, includes the acquisition of Common Stock of the Company resulting in one person or company owning more than 50% of the outstanding shares, a merger, consolidation or similar transaction resulting in the transfer of or sale of substantially all of the Company's assets. In the event that, the Company terminates the officer's employment without Cause (as defined in the Severance Agreement), or if the officer terminates his employment for Good Reason (as defined in the Severance Agreement), or in the event of a termination within sixty days before or six months following the consummation of a Change of Control (as such events are defined in the Severance Agreement), then the Company will pay the officer (i) a lump sum amount equal to six months of the officer's then current base salary, plus (ii) the annual bonus, pro-rated based on the officer's termination date, or the lump sum amount equal to six months of the annual bonus if termination is as a result of a Change of Control, that the officer is eligible to receive for the calendar year in which the offi
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits Exhibit No. Description 10.1 Severance and Change of Control Agreement by and between Cyngn Inc. and Don Alvarez dated May 15, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 17, 2024 CYNGN INC. By: /s/ Lior Tal Lior Tal Chief Executive Officer 2