AutoWeb to Hold Second Quarter 2021 Conference Call on Thursday, August 5, 2021 at 5:00 p.m. ET

Rhea-AI Summary

AutoWeb, Inc. (Nasdaq: AUTO) will hold a conference call on August 5, 2021, at 5:00 p.m. ET to discuss its Q2 financial results for the period ending June 30, 2021. The call will be hosted by President & CEO Jared Rowe and CFO Mike Sadowski. A replay will be available post-call through August 12, 2021. The company also reminds shareholders of its Tax Benefit Preservation Plan, aimed at protecting approximately $104.1 million in net operating loss carryforwards, which could be threatened by ownership changes under Section 382 of the Internal Revenue Code.

Positive

• Scheduled conference call for Q2 financial results indicates transparency and commitment to investor communication.
• The Tax Benefit Preservation Plan helps safeguard $104.1 million in net operating loss carryforwards.

Negative

• None.

TAMPA, Fla., July 22, 2021 (GLOBE NEWSWIRE) -- AutoWeb, Inc. (Nasdaq: AUTO), a robust digital marketing platform providing solutions for automotive dealers, agencies and OEMs, will hold a conference call on Thursday, August 5, 2021 at 5:00 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2021. The company will report its financial results in a press release prior to the conference call.

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

Date: Thursday, August 5, 2021
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: 7169687

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 Investor Relations 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 August 12, 2021. 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: 7169687

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 June 30, 2021, there were 13,465,871 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:
Mike Sadowski
Chief Financial Officer
949-862-3031
michael.sadowski@autoweb.com

Investor Relations Contact:
Cody Cree or Jackie Keshner
Gateway Investor Relations
1-949-574-3860
AUTO@gatewayir.com

FAQ

What is the date of AutoWeb's next earnings call?

AutoWeb's next earnings call is scheduled for August 5, 2021.

What time will AutoWeb's conference call take place?

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

How can I access the AutoWeb earnings call?

You can access the AutoWeb earnings call by dialing 1-877-852-2929 toll-free or 1-404-991-3925 for international callers.

What is the purpose of AutoWeb's Tax Benefit Preservation Plan?

The Tax Benefit Preservation Plan aims to protect the company's $104.1 million in net operating loss carryforwards from potential ownership changes.

What financial results will AutoWeb discuss in the upcoming call?

AutoWeb will discuss its financial results for the second quarter ended June 30, 2021.