![]() More information on the merger can be found in the joint press release and presentation on Shift’s investor relations website.Ĭoncurrently, Shift announced an updated business plan that is expected to allow it to reach positive unit economics in 2023 and company-wide profitability in 2024. ![]() Upon closing, the go-forward business plan is expected to be fully funded to profitability by the cash position of the combined company. The merger will bring together the best, most profitable assets from each company, consolidating Shift’s proprietary acquisition engine, best-in-class technology platform, and strong presence on the West Coast with CarLotz’s unique consignment relationships and prime retail locations in the mid-Atlantic region. Shift announced today it has entered into a definitive agreement to merge with CarLotz (Nasdaq: LOTZ), a leading used vehicle consignment business, in a stock-for-stock merger. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, announced today several business updates. ![]() 09, 2022 (GLOBE NEWSWIRE) - Shift Technologies, Inc.
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