Innoviz Comments on Trading Activity
Innoviz Technologies (Nasdaq: INVZ) addressed recent trading activity involving its shares, clarifying that a broker mistakenly offered significant volumes at unauthorized prices. The Company stated it is not aware of any undisclosed material changes affecting its business that could explain the decline in trading price. Innoviz, a leader in LiDAR technology for autonomous vehicles, is backed by major investors like BMW and SoftBank Ventures Asia.
- Innoviz's LiDAR technology is selected by BMW for its autonomous vehicle program.
- The Company is backed by reputable investors including SoftBank Ventures Asia and Samsung.
- A broker's mistake led to unauthorized share sales, potentially affecting investor confidence.
- Recent trading price decline could raise concerns among shareholders.
TEL AVIV, Israel, Nov. 1, 2021 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ) (the "Company"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, is issuing this press release in light of trading activity in its ordinary shares on Nasdaq. This morning a broker mistakenly offered to sell shares in significant volumes at prices that were not authorized or approved by certain selling shareholders. While the Company does not normally comment on market activity, the Company confirms that it is not aware of any undisclosed material change in the business or operations of the Company that would account for today's decline in trading price.
About Innoviz Technologies
Innoviz is a leading provider of technology that will put autonomous vehicles on roads. Innoviz's LiDAR technology can "see" better than a human driver and meets the automotive industry's strict expectations for performance, safety, and price. Selected by BMW for its fully autonomous car program, Innoviz's technology will be deployed in BMW's consumer vehicles. Innoviz is backed by top-tier strategic partners and investors, including SoftBank Ventures Asia, Samsung, Magna International, Aptiv, Magma Venture Partners, and others. For more information, visit www.innoviz.tech.
Contact Information
Investor Contact
Maya Lustig
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
Gateway Investor Relations
Cody Slach or Matt Glover
(949) 574-3860
Forward Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products and Innoviz's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the SEC on April 21, 2021 and other documents filed by Innoviz from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.
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SOURCE Innoviz Technologies
FAQ
What was the reason for Innoviz Technologies' recent trading price decline?
Which major company has selected Innoviz's technology for its autonomous vehicle program?
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Did Innoviz Technologies announce any material changes in its business operations?
