Summary by Futu AI
On September 12, 2024, AEye, Inc., a technology company listed on The Nasdaq Stock Market under the trading symbol LIDR, entered into a Sales Agreement with A.G.P./Alliance Global Partners. Under this agreement, AEye may sell common stock up to $2.6 million in an at-the-market offering. The proceeds are intended for working capital and general corporate purposes, including the enhancement of the Apollo product and expansion into the Chinese lidar market. AEye will pay A.G.P. a commission of up to 3% of the gross proceeds and reimburse certain expenses. Additionally, WestPark Capital, Inc. is serving as a financial advisor for the offering, with advisory fees up to 1% of the gross proceeds. The offering will conclude on the earliest of three conditions: the 36-month anniversary of the prospectus supplement, the sale of all Placement Shares, or the termination of the Sales Agreement. Both AEye and A.G.P. have the right to terminate the agreement with 30 days' notice.