SCHEDULE 13G/A: Innoviz Technologies Shareholding Corrected: CVI Investments and Heights Capital Clarify 9.9% Stake

CVI Investments, Inc. and Heights Capital Management, Inc. filed an amended Schedule 13G to correct an administrative error, accurately reporting their combined beneficial ownership of 9.9% in Innoviz Technologies Ltd.

Summary

• CVI Investments, Inc. and Heights Capital Management, Inc. (collectively, 'Reporting Persons') filed an Amendment No. 1 to their Schedule 13G for Innoviz Technologies Ltd.
• The amendment was filed solely to correct an administrative error in the previously filed Schedule 13G on February 18, 2025, which had underreported the number of shares owned.
• The Reporting Persons now beneficially own an aggregate of 20,397,926 ordinary shares of Innoviz Technologies Ltd.
• This aggregate amount represents 9.9% of the company's outstanding ordinary shares.
• The beneficial ownership includes 14,388,489 shares and additional shares issuable upon the exercise of warrants.
• The warrants are subject to a limitation, not exercisable if the total beneficial ownership would exceed 9.99%.
• Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and exercises shared voting and dispositive power over the reported shares.
• As of the completion of the offering referred to in the Prospectus Supplement filed on February 10, 2025, Innoviz Technologies had 198,174,008 shares outstanding (excluding shares underlying warrants issued at the same time).

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While an administrative error occurred, the prompt correction demonstrates transparency and adherence to reporting requirements, clarifying the true ownership stake.

Positives

• The filing provides increased transparency and accuracy regarding the beneficial ownership stake of CVI Investments, Inc. and Heights Capital Management, Inc. in Innoviz Technologies Ltd.
• The correction of the administrative error ensures that public records reflect the true extent of the Reporting Persons' investment.

Negatives

• The initial Schedule 13G filed on February 18, 2025, contained an administrative error, leading to an underreporting of shares, which indicates a minor lapse in initial data accuracy.

Risks

• The beneficial ownership includes shares issuable upon the exercise of warrants, which are subject to a 9.99% beneficial ownership limitation, potentially restricting immediate full exercise if the threshold is met.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction, as it is solely an amendment to a beneficial ownership report.

Management Comments

• "Due to an administrative error, the Schedule 13G filed on February 18, 2025 underreported the number of shares owned by the Reporting Persons. This Amendment No. 1 to Schedule 13G is filed solely to correct such error. Except for this correction, all other information contained in the Schedule 13G remains unchanged."

Industry Context

This filing is a routine disclosure of beneficial ownership and does not provide specific insights into broader industry trends or competitive dynamics within the automotive LiDAR or technology sectors.

Stakeholder Impact

• Shareholders: Provides clearer and more accurate information regarding significant beneficial ownership, enhancing transparency.
• Regulatory Authorities: Demonstrates compliance with SEC reporting requirements by correcting previously filed information.

Key Dates

Keywords

Innoviz Technologies, Schedule 13G, beneficial ownership, CVI Investments, Heights Capital Management, shareholding, SEC filing, amendment, ordinary shares, warrants