Exhibit 99.1
Aeva Technologies, Inc. Announces Effective Date of Reverse Stock Split
Aeva Common Stock Expected to Begin Trading on a Split-adjusted Basis on March 19, 2024
MOUNTAIN VIEW, Calif., March 11, 2024 – Aeva® (NYSE: AEVA), a
leader in next-generation sensing and perception systems, today announced that it expects a 1-for-5 reverse stock split of its outstanding shares of common stock will be
effective as of March 18, 2024 at approximately 4:01 p.m. Eastern Time. Aeva’s common stock will continue trading on the New York Stock Exchange (“NYSE”) under the existing symbol (AEVA) and will begin trading on a split-adjusted
basis when the market opens on March 19, 2024, with the new CUSIP number 00835Q202.
As of the effective time of the reverse stock split, every five
issued and outstanding shares of Aeva’s common stock will be automatically reclassified into one issued and outstanding share of Aeva’s common stock. This will reduce the number of shares outstanding from approximately 263.8 million
shares to approximately 52.8 million, subject to adjustment for fractional shares. Proportionate adjustments will be made to the number of shares of common stock underlying the company’s outstanding equity awards, warrants, the number of
shares issuable under its equity incentive plans and other existing agreements, as well as the exercise or conversion price, as applicable. The reverse stock split will not affect the number of authorized shares of common stock or the par value of
the common stock.
Continental Stock Transfer & Trust Company is acting as the exchange agent for the reverse stock split. Registered
stockholders holding pre-split shares of Aeva’s common stock are not required to take any action to receive post-split shares. Stockholders owning shares via a broker, bank, trust or other nominee will
have their positions automatically adjusted to reflect the reverse stock split, subject to such broker’s particular processes, and will not be required to take any action in connection with the reverse stock split. Stockholders holding shares
of Aeva’s common stock in certificate form will receive a transmittal letter from Continental Stock Transfer & Trust Company with instructions as soon as practicable after the effective date.
The reverse stock split is primarily intended to increase the per share trading price of Aeva’s common stock in order to meet the NYSE’s price
criteria for continued listing. An amendment to Aeva’s certificate of incorporation to provide Aeva’s Board of Directors with the right to decide at its discretion to effect a reverse stock split at a ratio of not less than 1-for-2 and not greater than 1-for-30, with the exact ratio and effective time of such reverse
stock split, if any, to be determined by Aeva’s Board of Directors within one year of the meeting date, was approved by Aeva’s stockholders at its special meeting of stockholders held on December 18, 2023. Additional information about
the reverse stock split can be found in Aeva’s definitive proxy statement filed with the Securities and Exchange Commission on December 18, 2023, which is available free of charge at the SEC’s website, www.sec.gov, and on Aeva’s
website at www.aeva.com.
About Aeva Technologies, Inc. (NYSE: AEVA)
Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer
electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR
sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or
LinkedIn.