Aeva Technologies, Inc.’s Reverse Stock Split Becomes Effective
March 18 2024 - 4:30PM
Business Wire
Aeva Common Stock to Begin Trading on a
Split-adjusted Basis on March 19, 2024
Aeva® (NYSE: AEVA), a leader in next-generation sensing and
perception systems, today announced that its previously announced a
1-for-5 reverse stock split of its outstanding shares of common
stock became effective as of March 18, 2024 at 4:01 p.m. Eastern
Time. Aeva’s common stock will continue trading on the New York
Stock Exchange (“NYSE”) under the existing symbol (AEVA) and will
begin trading on a split-adjusted basis when the market opens on
March 19, 2024, with the new CUSIP number 00835Q202.
As a result of the reverse stock split, every five issued and
outstanding shares of Aeva’s common stock was automatically
reclassified into one issued and outstanding share of Aeva’s common
stock. No fractional shares were issued as a result of the reverse
stock split. Stockholders who would otherwise be entitled to a
fractional share of common stock are instead entitled to receive a
cash payment (without interest) in an amount equal to their
respective pro rata share of the total proceeds of the sale of the
aggregated fractional shares net of any brokerage and other costs
incurred to sell such shares. The reverse stock split will not
affect the number of authorized shares of common stock or the par
value of the common stock.
Continental Stock Transfer & Trust Company is acting as the
exchange agent for the reverse stock split. Registered stockholders
holding pre-split shares of Aeva’s common stock are not required to
take any action to receive post-split shares. Stockholders owning
shares via a broker, bank, trust or other nominee will have their
positions automatically adjusted to reflect the reverse stock
split, subject to such broker’s particular processes, and will not
be required to take any action in connection with the reverse stock
split. Stockholders holding shares of Aeva’s common stock in
certificate form will receive a transmittal letter from Continental
Stock Transfer & Trust Company with instructions as soon as
practicable after the effective date.
The terms of outstanding warrants and equity-based awards
(including exercise price and number of shares issuable thereunder)
were proportionately adjusted, in accordance with the terms of the
applicable agreement. Specifically, every five shares of common
stock that may be purchased pursuant to the exercise of warrants
prior to the Effective Time represent one share of Common Stock
that may be purchased pursuant to such warrants following the
Effective Time. The exercise price for each warrant following the
Effective Time equals the product of five multiplied by the
exercise price prior to the Effective Time. Accordingly, the
exercise price for the Company’s public warrants trading under the
symbol "AEVA.WS" is $57.50. The CUSIP numbers for the Company’s
warrants did not change.
The reverse stock split is primarily intended to increase the
per share trading price of Aeva’s common stock in order to meet the
NYSE’s price criteria for continued listing.
About Aeva Technologies, Inc. (NYSE: AEVA)
Aeva’s mission is to bring the next wave of perception to a
broad range of applications from automated driving to industrial
robotics, consumer electronics, consumer health, security and
beyond. Aeva is transforming autonomy with its groundbreaking
sensing and perception technology that integrates all key LiDAR
components onto a silicon photonics chip in a compact module. Aeva
4D LiDAR sensors uniquely detect instant velocity in addition to 3D
position, allowing autonomous devices like vehicles and robots to
make more intelligent and safe decisions. For more information,
visit www.aeva.com, or connect with us on X or LinkedIn.
Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva
Ultra Resolution, Aeva CoreVision, and Aeva X1 are
trademarks/registered trademarks of Aeva, Inc. All rights reserved.
Third-party trademarks are the property of their respective
owners.
Forward looking statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. Forward-looking
statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. These forward-looking statements include,
but are not limited to, statements regarding the company’s ability
to regain compliance with Rule 802.01C within the applicable cure
periods. 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, including the company’s intention to cure the
NYSE deficiency and remain listed. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including, but not limited to:
(i) the fact that Aeva is an early stage company with a history of
operating losses and may never achieve profitability, (ii) Aeva’s
limited operating history, (iii) the ability to implement business
plans, forecasts, and other expectations and to identify and
realize additional opportunities, (iv) the ability for Aeva to have
its products selected for inclusion in OEM products, (v) the
ability to manufacture at volumes and costs needed for commercial
programs, (vi) Aeva’s ability to obtain the required stockholder
approvals and (vii) other material risks and other important
factors that could affect our financial results. Please refer to
our filings with the SEC, including our most recent Form 10-K.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Aeva assumes no obligation and does not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Aeva does
not give any assurance that it will achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240318151267/en/
Media: Michael Oldenburg press@aeva.ai
Investors: Andrew Fung investors@aeva.ai
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