Aeva to enact reverse stock split to meet NYSE criteria
AEVA
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MOUNTAIN VIEW, Calif. – Aeva Technologies, Inc. (NYSE: AEVA), known for its advanced sensing and perception systems, has announced a reverse stock split of its common stock at a 1-for-5 ratio, effective after market close on March 18, 2024. The company’s shares will begin trading on a split-adjusted basis at the opening of the New York Stock Exchange on March 19, 2024, under the same ticker symbol “AEVA” but with a new CUSIP number 00835Q202.
The reverse split will convert every five existing shares of Aeva’s common stock into one share, reducing the total shares outstanding from roughly 263.8 million to about 52.8 million, although this is subject to adjustments for fractional shares.
Corresponding adjustments will be made to Aeva’s outstanding equity awards, warrants, and the shares issuable under its equity incentive plans, as well as the exercise or conversion prices of those instruments.
This corporate action aims to boost the trading price of Aeva’s common stock to comply with the NYSE’s continued listing price criteria. The decision for the reverse stock split follows the approval from Aeva’s stockholders on December 18, 2023, for an amendment to the company’s certificate of incorporation.
This amendment allows the Board of Directors the discretion to effect a reverse stock split at a ratio between 1-for-2 and 1-for-30 within a year of the meeting date.
Aeva’s registered stockholders do not need to take any action to receive post-split shares. Those holding shares through brokers or other nominees will see their holdings automatically adjusted, in accordance with their respective broker’s processes.
Shareholders with stock certificates will be contacted by the exchange agent, Continental Stock Transfer & Trust Company, with specific instructions after the reverse stock split’s effective date.
