PLEASANTON, CA – AEye, Inc. (NASDAQ:LIDR), a manufacturer of motor vehicle parts and accessories currently valued at $18.63 million, announced today the filing of a prospectus supplement aimed at increasing the number of shares available for sale under its Sales Agreement with A.G.P./Alliance Global Partners (NYSE:GLP).
According to InvestingPro data, the company is quickly burning through cash, though it maintains more cash than debt on its balance sheet. The company, which specializes in advanced vision hardware and software, is looking to offer up to an aggregate of $5.23 million worth of its common stock, known as Placement Shares.
The move, disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC), is an update to the At Market Issuance Sales Agreement dated September 12, 2024. The Placement Shares will be issued pursuant to AEye's registration statement on Form S-3, which was filed on September 15, 2023, and became effective on September 26, 2023.
The company's financial position shows a current ratio of 2.26, indicating sufficient liquid assets to meet short-term obligations. The prospectus supplement detailing this arrangement was initially dated September 13, 2024, and has now been updated with the Current Prospectus Supplement filed today.
AEye's decision to increase the number of shares available for sale is executed within the regulatory framework, with the issuance and sale of the Placement Shares being made under the existing registration statement. The legal opinion of Allen Overy Shearman Sterling US LLP regarding the Placement Shares has been included as an exhibit to the filing.
It is important to note that this SEC filing does not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock in any jurisdiction where such an offer or sale would be unlawful before registration or qualification under the securities laws of such jurisdiction.
AEye, based in Pleasanton, California, operates under the legal jurisdiction of Delaware and has indicated in its filing that it is an emerging growth company. The company's common stock and warrants are listed on The Nasdaq Stock Market under the symbols LIDR and LIDRW, respectively.
InvestingPro analysis reveals concerning trends, including a 90.95% revenue decline in the last twelve months. For deeper insights into AEye's financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, covering over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, AEye, Inc. has reported significant progress in its LiDAR technology and partnerships. In their third-quarter earnings call for 2024, the company announced that its Apollo LiDAR system achieved an industry-first by detecting objects at a kilometer away with high resolution, while being half the size of competing systems. Apollo samples have been delivered to partners, demonstrating potential for integration with NVIDIA (NASDAQ:NVDA)'s platform.
On the financial front, AEye reported a decrease in net cash burn and closed Q3 with $22.4 million in cash reserves, positioning the company for growth and future OEM sourcing decisions in 2025. The company expects to exceed its 2024 cash burn guidance and is optimistic about future procurement decisions.
However, AEye reported modest total revenue of $104,000 for Q3. Despite this, the company's advancements in LiDAR technology and strategic partnerships have received positive responses from potential end customers, indicating promising developments for AEye in 2025.
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