AEye Inc (LIDR)

[WeTheMarket]

AEye Announces Common Stock Purchase Agreement With Tumim Stone Capital for up to $125 Million
December 08 2021 - 04:27PM, Business Wire
https://ih.advfn.com/stock-market/NASDAQ/aeye-LIDR/stock-news/86762217/aeye-announces-common-stock-purchase-agreement-wit

Demonstrates Investor Confidence in AEye’s Business and Provides Access to Additional Capital to Support Growth

AEye, Inc. (Nasdaq: LIDR), a global leader in adaptive, high-performance LiDAR solutions, today announced that it has entered into a common stock purchase agreement (the “Purchase Agreement”) with Tumim Stone Capital LLC (“Tumim Stone”). Under the terms and subject to the conditions of the Purchase Agreement, AEye will have the right, but not the obligation, to issue and sell to Tumim Stone up to $125 million of AEye’s common stock from time-to-time over the approximately 36-month term of the Purchase Agreement.

Blair LaCorte, CEO of AEye, said, “Our existing cash, cash equivalents, and marketable securities, combined with the expected liquidity provided pursuant to this Purchase Agreement, currently provides AEye with access to approximately $300 million of total capital. This gives us tremendous operational and strategic flexibility as we drive forward to achieve key product and commercial milestones. Having led and scaled public companies across several business cycles, our leadership team understands the importance of securing access to sources of funding when capital markets are strong. Put simply, this Purchase Agreement will allow us to continue to execute from a position of strength.”

LaCorte continued, “We believe this commitment from Tumim Stone underscores investor confidence in AEye’s business plan, including a unique business model that leverages the automotive industry’s existing value chain to drive the adoption of our high-performance LiDAR solutions.”

AEye is experiencing growing product, customer, and partnership momentum for its unique adaptive LiDAR. AEye’s 4Sight™ LiDAR was recently awarded the prestigious CES 2022 Innovation Award. In the automotive markets, the path to series production is accelerating with Continental announcing the availability of the B sample of their HRL131 long range LiDAR sensor based on AEye’s technology. In industrial markets, 4Sight sensor production has moved to AEye’s manufacturing partner, Sanmina, to expedite deliveries to customers in the Intelligent Transportation System, trucking, rail, construction, aerospace, and defense markets. AEye’s momentum is also reflected in its growing footprint and team – having recently opened offices in Korea and Japan, and expanding its presence in Europe while attracting top LiDAR industry talent.

Under the terms of the Purchase Agreement, AEye has the right, but not the obligation, to sell to Tumim Stone up to $125 million of its common stock, subject to certain conditions. AEye may direct Tumim Stone to purchase a number of shares not to exceed an amount determined by AEye’s trading volume and stock price. Purchase notices may be issued over the period commencing once certain customary conditions are satisfied, including the filing and securing effectiveness of a registration statement (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) with respect to resale of the shares issued pursuant to the Purchase Agreement, which is expected in mid-to-late March 2022 upon AEye’s filing of its Annual Report on Form 10-K for the fiscal year ending December 31, 2021, and ending on the first day of the month next following the 36-month anniversary of the Purchase Agreement.

AEye expects to use net proceeds from the financing over time for working capital and general corporate purposes to support its future growth.

As consideration for Tumim Stone’s commitment to purchase shares of AEye’s common stock upon the terms and conditions set forth in the Purchase Agreement, AEye will issue 302,634 shares of its common stock to Tumim Stone.

AEye will be attending the Consumer Electronics Show in Las Vegas from January 5-8, 2022.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities referred to in this news release in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Any offering of AEye’s common stock under the resale registration statement referred to in this news release will be made only by means of a prospectus.

About AEye

AEye is the premier provider of intelligent, next generation, adaptive LiDAR for vehicle autonomy, ADAS, and robotic vision applications. AEye’s Intelligent Detection and Ranging iDAR™ system and 4Sight™ products leverage biomimicry and principles from automated targeting applications used by the military to scan the environment, intelligently focusing on what matters most, enabling faster, more accurate, and more reliable perception. iDAR is the only software configurable LiDAR with integrated deterministic artificial intelligence, delivering industry-leading performance in range, resolution, and speed. The company was founded in 2013 and is based in the San Francisco Bay Area.

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