Shift Technologies, CarLotz shareholders approve merger

Online made use of-motor vehicle retailer Change Systems Inc. stated Friday it closed its planned merger with CarLotz Inc., a applied-automobile consignment company.

Shareholders of both equally organizations authorised the merger agreement in the course of a exclusive assembly Wednesday, in accordance to a doc CarLotz submitted with the U.S. Securities and Exchange Commission. The merged enterprise will keep and trade below Change Technologies’ ticker symbol, SFT, on the Nasdaq stock trade.

San Franciso-primarily based Change Systems and Richmond, Va.-dependent CarLotz to start with announced ideas to merge in August, citing complementary geographies and the possibility to use each other’s belongings to become a additional nicely-set up omnichannel made use of-automobile retailer.

“We search forward to combining the ideal assets from both of those providers to create a major location for used car retail, allowing for customers to shop and obtain automobiles seamlessly on the other hand they want, on line or in-shop,” Shift Technologies CEO Jeff Clementz explained in a statement.

As portion of the stock-for-stock merger, CarLotz shareholders will acquire .705 shares of Shift Technologies common stock for just about every share of CarLotz frequent inventory, although Shift Technologies will think “specific warrants and inventory-based payment awards,” according to a information launch.

Two executives, Jason Krikorian and Manish Patel, resigned from Change Technologies’ board of directors in connection with the closing, in accordance to the launch.

A few other persons — Kimberly Sheehy, James Skinner and Luis Ignacio Solorzano — joined the board, in accordance to the launch.

“On behalf of the Board and total team at Shift, we’d like to thank Jason and Manish for their infinite support, guidance, and mentorship in excess of the decades,” Clementz said in the assertion. “While we will overlook their presence on the Board, we are thrilled to welcome 3 new members to assistance us construct a profitable, financially rewarding long term for Change.”

Change Technologies Inc. shares ended up down .6 percent to $.21 in early morning trading.

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