AEye, Inc. Reports Material Agreement Termination

TL;DR

AEye terminated a key deal, triggering financial obligations.

AI Summary

AEye, Inc. filed an 8-K on August 28, 2024, reporting the termination of a material definitive agreement and triggering events that accelerate or increase financial obligations. The company, formerly CF Finance Acquisition Corp. III, is incorporated in Delaware and its fiscal year ends on December 31.

Why It Matters

This filing indicates a significant change in AEye's contractual obligations, potentially impacting its financial stability and future operations.

Risk Assessment

Risk Level: medium — Termination of material agreements and acceleration of financial obligations can signal financial distress or significant operational challenges.

Key Numbers

• 001-39699 — SEC File Number (Identifies the company's filing with the SEC.)
• 37-1827430 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• AEye, Inc. (company) — Registrant
• CF Finance Acquisition Corp. III (company) — Former company name
• August 28, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share LIDR The Nasdaq Stock Marke
• $8.5 million — exposure under the Lease could be up to $8.5 million. AEye Tech disputes that the total dama

Filing Documents

• ss3817345_8k.htm (8-K) — 35KB
• 0000947871-24-000746.txt ( ) — 251KB
• lidr-20240828.xsd (EX-101.SCH) — 4KB
• lidr-20240828_def.xml (EX-101.DEF) — 26KB
• lidr-20240828_lab.xml (EX-101.LAB) — 36KB
• lidr-20240828_pre.xml (EX-101.PRE) — 25KB
• ss3817345_8k_htm.xml (XML) — 6KB

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. The information contained below in Item 2.04 is hereby incorporated by reference into this Item 1.02. Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. In or about July of 2024, and as part of continuing corporatewide cost reduction efforts, which have resulted in an overall headcount reduction of approximately two-thirds and a corresponding decrease in footprint requirements, AEye Technologies, Inc. (" AEye Tech ") (formerly known as AEye, Inc. and a wholly owned subsidiary of AEye, Inc. (the " Registrant ") (formerly known as CF Finance Acquisition Corp. III)) made the decision to (1) surrender possession of the premises as described in that certain Office Lease dated April 26, 2019 (the " Lease "), entered into by and between the predecessor-in-interest to IGEP Park Place, LLC, as landlord (the " Landlord ") and AEye Tech, as tenant, and (2) not pay the rent due under the Lease thereafter. A copy of the Lease was filed as Exhibit 10.8 to the Registration new facility located in nearby Pleasanton, California, which is expected to result in a meaningful reduction in expenses. In connection with the foregoing, on August 28, 2024, AEye Tech was purported to be served with a complaint that was filed in the Superior Court of California for the County of Alameda on August 26, 2024 (the " Complaint ") that (1) alleges AEye Tech is in breach of the Lease because of, among other things, AEye Tech's failure to pay rent as required by the Lease and (2) provides notice to AEye Tech that the Lease had been terminated by the Landlord effective as of August 23, 2024. Although the Complaint does not quantify the damages sought thereunder, it references a claim by the Landlord that AEye Tec

Forward-Looking Statements

Forward-Looking Statements Certain statements included in this Current Report on Form 8-K that are not historical facts are forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions under the U. S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as "believe," "continue," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "predict," "plan," "may," "should," "will," "would," "potential," "seem," "seek," "outlook," and similar expressions that predict or indicate future events or trends, or that are not statements of historical matters. 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. Forward looking statements included in this Current Report on Form 8-K include statements about the expected impact of the Registrant's new lease on its expenses, the settlement negotiations between AEye Tech and the Landlord, and the ultimate resolution of the purported default under the Lease, among others. These statements are based on various assumptions, whether or not identified in this Current Report on Form 8-K. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are very difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond the control of the Registrant. Many factors could cause actual future events to differ from the forward-looking statements in this Current Report on Form 8-K, including but not limited to risks and uncertainties described in the "Risk Factors" sect

Forward-looking statements speak only as of the date they are made

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking a result of new information, future events, or otherwise. The Registrant gives no assurance that it will achieve any of its expectations. 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AEye, Inc. Dated: September 3, 2024 By: /s/ Andrew S. Hughes Andrew S. Hughes Senior Vice President, General Counsel & Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR