AEye Announces Reverse Stock Split to Ensure Nasdaq Minimum Bid Price Compliance

AEye, Inc. (“AEye” or the “Company”) (Nasdaq: LIDR), a global leader in adaptive, high performance lidar solutions, today announced that the Company’s Board of Directors (“Board”) has approved a 1-for-30 reverse stock split (the “Reverse Stock Split”) of its common stock, par value $0.0001 per share (the “Common Stock”), that is expected to become effective on Tuesday, December 26, 2023 at 5:00 p.m. Eastern Time (the “Effective Time”). The Common Stock will continue to trade on the Nasdaq Stock Market (“Nasdaq”) under the symbol “LIDR” and will begin trading on a split-adjusted basis commencing upon market open on December 27, 2023. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 008183204. The Company’s publicly traded warrants will continue to be traded on the Nasdaq under the symbol “LIDRW.” However, under the terms of the applicable warrant agreement, the number of shares of Common Stock issuable on exercise of each warrant will be proportionately decreased.

The Reverse Stock Split was approved by the Company’s stockholders at the special meeting of stockholders held on December 12, 2023, where the Company’s stockholders approved the amendments to the Company’s Second Amended and Restated Certificate of Incorporation, as amended (the “Charter”), to effect the Reverse Stock Split at such reverse stock split ratio (in multiples of five to one ratio between and including five and fifty) and granted the Board the authority to determine the final reverse stock split ratio and when to proceed with the Reverse Stock Split. Subsequently, the Board approved the Reverse Stock Split and filing of the amendment to the Charter to effect the Reverse Stock Split, at the ratio of 1-for-30, as of the Effective Time. As a result of the Reverse Stock Split, every 30 shares of Common Stock issued and outstanding will be automatically combined into one share of Common Stock and proportionate adjustments will be made to the number of shares of Common Stock underlying the Company’s outstanding equity awards, the public warrants trading on Nasdaq under the existing symbol “LIDRW,” private warrants and the number of shares issuable under its equity incentive plans and other existing agreements, as well as the exercise or conversion price, as applicable. There will be no change to the number of authorized shares or the par value per share.