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AEye, Inc. (NASDAQ:LIDR) announced Friday an amendment to its at-the-market (ATM) equity offering program, increasing the maximum aggregate amount of common stock that may be issued and sold to $23,728,000. The update was disclosed in a filing with the Securities and Exchange Commission. The company, currently valued at approximately $87 million, has seen its stock surge nearly 300% in the past week, though InvestingPro analysis indicates the stock is trading above its Fair Value.
The amendment, referred to as Amendment No. 3, modifies the Prospectus Supplements related to the At Market Issuance Sales Agreement between AEye and A.G.P./Alliance Global Partners (NYSE:GLP), originally dated September 12, 2024. The ATM program allows AEye to sell shares of its common stock, par value $0.0001 per share, from time to time through the agent, subject to market conditions and the terms of the agreement.
According to the filing, shares issued under the program will be offered pursuant to AEye’s registration statement on Form S-3 (File No. 333-274546), which was declared effective on September 26, 2023. The registration statement and the related prospectus supplements, dated September 13, 2024, and December 30, 2024, as well as prior amendments, remain in effect alongside the new amendment.
A legal opinion from Allen Overy Shearman Sterling US LLP regarding the validity of the shares to be issued was also filed as an exhibit to the report.
This information is based on a statement included in the company’s recent SEC filing.
In other recent news, AEye Inc reported a challenging first quarter of 2025, with a GAAP net loss of $8 million, or $0.46 per share, and a non-GAAP net loss of $5.8 million, or $0.33 per share. The company also projected ongoing financial challenges with an anticipated full-year cash burn between $27 million and $29 million. In a significant development, AEye’s Apollo lidar system has been fully integrated into NVIDIA (NASDAQ:NVDA)’s DRIVE AGX platform, providing access to a network of automakers focused on self-driving technologies. Additionally, AEye secured a $30 million deal with a major transportation OEM for its Apollo lidar units, expected to generate revenue over the next two to three years. The company has also joined the WinTOR project at the University of Toronto, aiming to enhance autonomous vehicle perception systems for challenging weather conditions. These collaborations and deals highlight AEye’s strategic efforts to expand its presence in the autonomous vehicle market.
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