MOUNTAIN VIEW, Calif. - Aeva Technologies Inc. (NYSE: NYSE:AEVA), known for its next-generation sensing and perception systems, has announced the effectiveness of a 1-for-5 reverse stock split of its common shares, which took effect on Sunday.
The company's stock will begin trading on a split-adjusted basis on the New York Stock Exchange today, under the unchanged ticker symbol AEVA and a new CUSIP number 00835Q202.
The reverse stock split consolidates every five existing shares of Aeva's common stock into one new share. This measure is aimed at increasing the stock's per-share trading price to comply with the NYSE's continued listing price criteria.
No fractional shares will be issued; instead, shareholders entitled to fractional shares will receive a cash payment proportional to the net proceeds from the sale of the aggregated fractional shares, after deducting brokerage and other costs.
Continental Stock Transfer & Trust Company is managing the exchange process for the reverse stock split. Registered stockholders with pre-split shares will automatically receive post-split shares and need not take any further action.
Similarly, stockholders with shares held through a broker or other nominee will see their holdings automatically adjusted. Those holding stock certificates will receive instructions from the exchange agent shortly.
The terms of Aeva's outstanding warrants and equity-based awards have also been adjusted proportionally in line with the reverse stock split. For example, the exercise price for the company's public warrants, which trade under the symbol "AEVA.WS," is now set at $57.50.
Aeva's mission encompasses enhancing various applications, from automated driving to industrial robotics, with its innovative sensing and perception technology, which includes the integration of all key LiDAR components into a silicon photonics chip.
The information in this article is based on a press release statement from Aeva Technologies, Inc.
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