ACAMU - CarLotz to go public business combination agreement with SPAC

Acamar Partners Acquisition (ACAMU) and CarLotz ink a definitive business combination agreement making CarLotz a public company; closing expected in Q4.It is expected to remain listed on Nasdaq and trade under the new ticker symbol LOTZ.Fidelity Management & Research and other investors along with strategic partners commit to fund a $125M commons tock PIPE; fund also utilizing a Acamar Partners $311M cash-in-trust.Acamar Partners and CarLotz co-founder and CEO Michael Bor are also participating in the PIPE; strategic investors and management represent circa 15% of the PIPE.Transaction is priced at a multiple of 0.88X estimated revenue for FY22 and a multiple of 6.8X estimated gross profit for FY22, a meaningful discount to CarLotz' publicly traded peers.CarLotz pro-forma enterprise valuation post the transaction is implied at $827M; existing shareholders will roll over the vast majority of their existing equity, retaining 59% of the combined company’s pro forma equity.

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CarLotz to go public business combination agreement with SPAC