AutoWeb to Hold Third Quarter 2021 Conference Call on Thursday, November 4, 2021 at 5:00 p.m. ET

Rhea-AI Summary

AutoWeb, Inc. (Nasdaq: AUTO) will host a conference call on November 4, 2021, at 5:00 p.m. ET to discuss its financial results for Q3 2021. The call will feature AutoWeb's President & CEO Jared Rowe and CFO Mike Sadowski, followed by a Q&A session. Investors can join the call via phone or online. Additionally, the company reminds shareholders about its Tax Benefit Preservation Plan, which is aimed at protecting its net operating loss carryforwards of approximately $104.1 million. This plan seeks to prevent ownership changes that could limit the use of these tax attributes.

Positive

• Scheduled conference call to discuss Q3 2021 financial results indicates transparency and engagement with investors.
• Reminds shareholders of the Tax Benefit Preservation Plan that safeguards $104.1 million in net operating loss carryforwards.

Negative

• None.

TAMPA, Fla., Oct. 21, 2021 (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, November 4, 2021 at 5:00 p.m. Eastern time to discuss its financial results for the third quarter ended September 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, November 4, 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: 6577532

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 November 11, 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: 6577532

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 September 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

When is AutoWeb's Q3 2021 financial results conference call?

AutoWeb's Q3 2021 financial results conference call is scheduled for November 4, 2021, at 5:00 p.m. Eastern time.

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

The Tax Benefit Preservation Plan is designed to protect AutoWeb's net operating loss carryforwards and prevent an ownership change that could limit their use.

What financial information will AutoWeb discuss on November 4, 2021?

AutoWeb will discuss its financial results for the third quarter ended September 30, 2021, during the conference call on November 4, 2021.

How can investors join AutoWeb's conference call?

Investors can join AutoWeb's conference call by dialing the toll-free number 1-877-852-2929 or the international number 1-404-991-3925.

What are the outstanding shares of AutoWeb as of September 30, 2021?

As of September 30, 2021, AutoWeb had 13,465,871 shares of its common stock outstanding.