AutoWeb to Hold Fourth Quarter and Full Year 2021 Conference Call on Thursday, March 24, 2022 at 5:00 p.m. ET

Rhea-AI Summary

AutoWeb, Inc. (Nasdaq: AUTO) will hold a conference call on March 24, 2022, at 5:00 p.m. ET to discuss its 2021 financial results. The call will feature President & CEO Jared Rowe and CFO Carlton Hamer, followed by a Q&A session. AutoWeb also highlighted its Tax Benefit Preservation Plan, implemented to safeguard $104.1 million in net operating loss carryforwards, aimed at preventing ownership changes that could affect their tax attributes. Investors should monitor the company’s website for details and to access the live broadcast or replay.

Positive

• The upcoming conference call on March 24, 2022, provides an opportunity for investors to gain insights directly from leadership.
• The Tax Benefit Preservation Plan aims to protect the company's substantial net operating loss carryforwards, which could enhance future tax efficiency.

Negative

• Possible dilution risk for shareholders if the Tax Benefit Preservation Plan is triggered.

TAMPA, Fla., March 10, 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 Thursday, March 24, 2022 at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2021. 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: Thursday, March 24, 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: 2128197

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 March 31, 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: 2128197

Tax Benefit Preservation Plan
At December 31, 2020, the company had approximately $104.1 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 December 31, 2021, there were 13,489,482 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

When is the AutoWeb conference call for financial results?

The AutoWeb conference call is scheduled for March 24, 2022, at 5:00 p.m. ET.

What is the purpose of AutoWeb's conference call on March 24, 2022?

The conference call will discuss AutoWeb's financial results for the fourth quarter and full year ended December 31, 2021.

What is the Tax Benefit Preservation Plan at AutoWeb?

The Tax Benefit Preservation Plan is designed to protect approximately $104.1 million in net operating loss carryforwards from potential ownership changes.

What are the risks associated with AutoWeb's Tax Benefit Preservation Plan?

The plan could trigger dilution if a group acquires 4.9% or more of AutoWeb's outstanding shares.

How can I access the AutoWeb conference call?

The conference call will be accessible via a toll-free number and will be broadcast live on the company's website.