Cyngn (CYN) is exploring acquisitions or mergers with revenue-generating companies, as well as asset acquisitions to strengthen its balance sheet, as part of the autonomous vehicle technology company's growth strategy, Chief Executive Lior Tal said Tuesday in a shareholder letter.

The company is focusing on acquisition or merger opportunities that will expand its automation, robotics and data-driven logistics capabilities, Tal said.

Cyngn is also looking to acquire or partner on real estate assets that could provide long-term value, and allotting a part of its treasury into select cryptocurrencies or blockchain-based instruments, Tal added.

Shares of the company were down 3.3% in recent Tuesday trading.

Price: 6.11, Change: -0.21, Percent Change: -3.32