Autoweb Inc.
06/16/2021 | Press release | Distributed by Public on 06/16/2021 14:13
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) (Form 8-K)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, par value $0.001 per share
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AUTO
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The Nasdaq Capital Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 8.01.
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Other Events.
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On May 28, 2021, AutoWeb, Inc., a Delaware corporation ('AutoWeb'), previously reported that Dealer Direct, LLC dba FordDirect ('FordDirect') has decided to suspend its new vehicle leads marketing program and terminate the new vehicle leads portion of the Lead Agreement dated December 1, 2020, between AutoWeb and FordDirect ('Lead Agreement'), effective September 30, 2021.
On June 11, 2021, the parties agreed to amend the Lead Agreement to provide for an early termination of the new vehicle leads portion of the Lead Agreement, with the early termination to be effective June 30, 2021, in exchange for a lump sum payment of approximately $0.5 million from FordDirect to AutoWeb. This early termination payment was derived based on an estimated gross profit for the estimated number of valid new vehicle leads that would have been delivered by AutoWeb to FordDirect during the original termination period.