AutoWeb to Hold Third Quarter 2020 Conference Call on Thursday, November 5, 2020 at 5:00 p.m. ET

Rhea-AI Summary

AutoWeb, Inc. (Nasdaq: AUTO) will hold a conference call on November 5, 2020, at 5:00 p.m. Eastern time to discuss its Q3 2020 financial results. President & CEO Jared Rowe and CFO J.P. Hannan will lead the call. The replay will be available after the call until November 12, 2020. Additionally, the company highlighted its Tax Benefit Preservation Plan to preserve approximately $100.5 million in net operating loss carryforwards (NOLs) and mitigate ownership change risks under Section 382.

Positive

• The planned conference call for November 5, 2020, may indicate transparency and investor engagement.
• The Tax Benefit Preservation Plan aims to safeguard $100.5 million in net operating loss carryforwards, potentially providing future tax benefits.

Negative

• No specific financial metrics or performance data were disclosed, limiting assessment of current business health.

TAMPA, Fla., Oct. 22, 2020 (GLOBE NEWSWIRE) -- AutoWeb, Inc. (Nasdaq: AUTO), a robust digital marketing platform providing advertising solutions for automotive dealers and OEMs, will hold a conference call on Thursday, November 5, 2020 at 5:00 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2020. The company will report its financial results in a press release prior to the conference call.

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

Date: Thursday, November 5, 2020
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: 8329656

The conference call will also be broadcast live 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 November 12, 2020. 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: 8329656

Tax Benefit Preservation Plan
At December 31, 2019, the company had approximately $100.5 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 September 30, 2020, there were 13,169,044 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 by accessing the online registration form at investor.autoweb.com/email-alerts.

Company Contact:
J.P. Hannan
Chief Financial Officer
1-949-437-4651
jp.hannan@autoweb.com 

Investor Relations Contact:
Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
1-949-574-3860
AUTO@gatewayir.com 

FAQ

When is AutoWeb's Q3 2020 earnings call scheduled?

AutoWeb's Q3 2020 earnings call is scheduled for November 5, 2020, at 5:00 p.m. Eastern time.

What is the Tax Benefit Preservation Plan for AutoWeb?

The Tax Benefit Preservation Plan was adopted to preserve AutoWeb's net operating loss carryforwards and mitigate ownership change risks under Section 382 of the Internal Revenue Code.

How can I listen to the AutoWeb conference call?

You can dial in at 1-877-852-2929 for the toll-free number or 1-404-991-3925 internationally, using Conference ID 8329656.

What is the purpose of the AutoWeb conference call?

The purpose of the conference call is to discuss AutoWeb's financial results for the third quarter ended September 30, 2020.

Is there a way to access a replay of the AutoWeb earnings call?

Yes, the replay will be available after 8:00 p.m. Eastern time on November 5, 2020, until November 12, 2020.