AEye Announces Reverse Stock Split to Ensure Nasdaq Minimum Bid Price Compliance
The Reverse Stock Split was approved by the Company’s stockholders at the special meeting of stockholders held on
No fractional shares of common stock will be issued as a result of the Reverse Stock Split. Instead, any stockholders who would have been entitled to receive a fractional share as a result of the Reverse Stock Split will receive cash payments in lieu of such fractional shares.
“After evaluating alternatives, we determined that a reverse stock split was the best course of action to bring the Company in compliance with Nasdaq’s minimum bid price requirements, and our stockholders agreed,” said
INFORMATION FOR LIDR STOCKHOLDERS
The Company has chosen its transfer agent, Broadridge Financial Solutions, Inc., to act as exchange agent for the Reverse Stock Split. Registered stockholders holding pre-split shares of Common Stock electronically in book-entry form are not required to take any action to receive post-split shares and/or any cash in lieu of fractional shares (if applicable). Such stockholders will automatically receive, either via email or at your address of record, a transaction statement from our transfer agent indicating the number of post-Reverse Stock Split shares held following the implementation of the Reverse Stock Split.
Those stockholders who hold their shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the Reverse Stock Split and any cash in lieu of fractional shares (as applicable) will be automatically issued to such stockholders through their broker, subject to each brokers’ particular processes, and will not be required to take any action in connection with the Reverse Stock Split.
Additional information about the Reverse Stock Split and the related Charter amendment can be found in the Company’s definitive proxy statement filed by the Company with the
AEye’s unique software-defined lidar solution enables advanced driver-assistance, vehicle autonomy, smart infrastructure, and logistics applications that save lives and propel the future of transportation and mobility. AEye’s 4Sight™ Intelligent Sensing Platform, with its adaptive sensor-based operating system, focuses on what matters most: delivering faster, more accurate, and reliable information. AEye’s 4Sight™ products, built on this platform, are ideal for dynamic applications which require precise measurement imaging to ensure safety and performance.
Certain statements included in this press release that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including “forward looking statements” within the meaning of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “continue,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “predict,” “plan,” “may,” “should,” “will,” “would,” “potential,” “seem,” “seek,” “outlook,” and similar expressions that predict or indicate future events or trends, or that are not statements of historical matters. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements included in this press release include statements about the future effective date and intended effects of the Reverse Stock Split, including whether the Reverse Stock Split will increase the price, marketability, liquidity, and investor appeal of the Company’s Common Stock and the Company’s ability to maintain the listing of its Common Stock on Nasdaq, among others. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are very difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond the control of
Readers are cautioned not to put undue reliance on forward-looking statements;