AutoWeb to Hold First Quarter 2022 Conference Call on Monday, May 16, 2022 at 5:00 p.m. ET

Rhea-AI Summary

AutoWeb, Inc. (NASDAQ: AUTO) will hold a conference call on May 16, 2022, at 5:00 p.m. Eastern time to discuss its Q1 financial results for the period ended March 31, 2022. CEO Jared Rowe and CFO Carlton Hamer will lead the call, which will include a Q&A session. The conference call can be accessed via toll-free and international dial-in numbers. Additionally, the company highlights its Tax Benefit Preservation Plan aimed at protecting approximately $110.7 million in net operating loss carryforwards, preventing ownership changes that could limit NOL utilization.

Positive

• Scheduled conference call on May 16, 2022, to discuss Q1 financial results.
• Approximately $110.7 million in available net operating loss carryforwards, offering potential tax advantages.

Negative

• None.

TAMPA, Fla., May 09, 2022 (GLOBE NEWSWIRE) -- AutoWeb, Inc. (Nasdaq: AUTO), an automotive matchmaking platform connecting in-market car shoppers to their preferred vehicle transactions, will hold a conference call on Monday, May 16, 2022 at 5:00 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2022. The company will report its financial results in a press release prior to the conference call.

AutoWeb President & CEO Jared Rowe and CFO Carlton Hamer will host the conference call, followed by a question-and-answer session.

Date: Monday, May 16, 2022
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-877-852-2929
International dial-in number: 1-404-991-3925
Conference ID: 3084846

The conference call will also be broadcast live here and at www.autoweb.com (click on “Investors” and then click on “Events & Presentations”). Please visit the website at least 15 minutes prior to the start of the call to register and download any necessary software. For those who will be joining the call by phone, please call the conference telephone number 5-10 minutes prior to the start time, and an operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through May 23, 2022. The call will also be archived in the Investors section of the company’s website for one year.

Toll-free replay number: 1-855-859-2056
International replay number: 1-404-537-3406
Replay ID: 3084846

Tax Benefit Preservation Plan
At December 31, 2021, the company had approximately $110.7 million in available net operating loss carryforwards (NOLs) for U.S. federal income tax purposes. AutoWeb reminds stockholders about its Tax Benefit Preservation Plan dated May 26, 2010, as amended (the “Plan”) between the company and Computershare Trust Company, N.A., as rights agent.

The Plan was adopted by the company’s board of directors to preserve the company’s NOLs and other tax attributes, and thus reduce the risk of a possible change of ownership under Section 382 of the Internal Revenue Code. Any such change of ownership under Section 382 would limit or eliminate the ability of the company to use its existing NOLs for federal income tax purposes. In general, an ownership change will occur if the company’s 5% shareholders, for purposes of Section 382, collectively increase their ownership in the company by an aggregate of more than 50 percentage points over a rolling three-year period. The Plan is designed to reduce the likelihood that the company experiences such an ownership change by discouraging any person or group from becoming a new 5% shareholder under Section 382. Rights issued under the Plan could be triggered upon the acquisition by any person or group of 4.9% or more of the company’s outstanding common stock and could result in substantial dilution of the acquirer’s percentage ownership in the company. There is no guarantee that the Plan will achieve the objective of preserving the value of the company’s NOLs.

As of March 31, 2022, there were 14,051,149 shares of the company’s common stock, $0.001 par value, outstanding. Persons or groups considering the acquisition of shares of beneficial ownership of the company’s common stock should first evaluate their percentage ownership based on this revised outstanding share number to ensure that the acquisition of shares does not result in beneficial ownership of 4.9% or more of outstanding shares. For more information about the Plan, please visit investor.autoweb.com/financial-information/tax.

About AutoWeb, Inc.
AutoWeb, Inc. provides high-quality consumer leads, clicks and associated marketing services to automotive dealers and manufacturers throughout the United States. The company also provides consumers with robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive Internet in 1995 and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and has helped every major automaker market its brand online.

Investors and other interested parties can receive AutoWeb news alerts and special event invitations by accessing the online registration form at http://investor.autoweb.com/alerts.cfm.

Company Contact:

Carlton Hamer
Chief Financial Officer
1-949-225-4528
carlton.hamer@autoweb.com

Investor Relations Contact:
Cody Cree
Gateway Group, Inc.
1-949-574-3860
AUTO@gatewayir.com

FAQ

What date will AutoWeb's conference call take place?

AutoWeb's conference call is scheduled for May 16, 2022.

What time is AutoWeb's conference call?

The conference call will begin at 5:00 p.m. Eastern time.

Who will be hosting AutoWeb's conference call?

AutoWeb President & CEO Jared Rowe and CFO Carlton Hamer will host the call.

What is AutoWeb's Tax Benefit Preservation Plan?

The Tax Benefit Preservation Plan aims to protect the company's $110.7 million in net operating loss carryforwards.

How can I access the conference call?

The conference call can be accessed via dial-in numbers or through a live stream on AutoWeb's website.