Company: LIDRW
Filing Date: 2025-05-12
Form Type: POS AM
Source: 0000947871-25-000486
Chunk: 22

Company: AEye, Inc.
Filing Date: 2025-05-12
Form: POS AM
Chunk 22
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offered for resale by New Circle is dependent upon the number of shares we may elect to sell to New Circle under the Purchase Agreement
from and after the Commencement Date.

Under the applicable Nasdaq rules, we may not issue
to New Circle under the Purchase Agreement more than 1,721,755 shares of its Common Stock, which number of shares is equal to 19.99% of
the shares of the Company’s Common Stock outstanding (the “Exchange Cap”) as of the date of the Purchase Agreement,
unless (i) we obtain stockholder approval to issue shares of its Common Stock in excess of the Exchange Cap in accordance with applicable
Nasdaq rules, or (ii) the average purchase price per share paid by New Circle for all shares of the our Common Stock, if any, that we
elect to sell to New Circle under the Purchase Agreement equals or exceeds the lower of (a) the Nasdaq official closing price for our
Common Stock immediately preceding the execution of the Purchase Agreement, and (b) the arithmetic average of the five Nasdaq official
closing prices for the Common Stock during the 5-trading day period immediately preceding the execution of the Purchase Agreement, as
adjusted so that the Exchange Cap will not apply to issuances of Common Stock under the Purchase Agreement under applicable Nasdaq rules.

Moreover, we may not issue or sell any shares of our
Common Stock to New Circle under the Purchase Agreement which, when aggregated with all other shares of our Common Stock then beneficially
owned by New Circle and its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and
Rule 13d-3 promulgated thereunder), would result in New Circle beneficially owning more than 4.99% of the outstanding shares of the Common
Stock. Notwithstanding the foregoing limitation, it would be possible for us to sell more than 4.99% of our outstanding shares of Common
Stock to New Circle on any given day if, during the course of such day, New Circle sold the shares of Common Stock acquired by it such
that it no longer owned 4.99% of our outstanding shares of Common Stock and we submitted, and New Circle accepted, an additional purchase
notice, provided that, in no event, would New Circle own more than 4.99% of our outstanding shares of Common Stock at any one time.

The net proceeds under the Purchase Agreement to us
will depend on