LGC - Legacy Acquisition and Onyx in business combination

September, 21 2020 07:58 AM PARTS iD Inc Cl A

Legacy Acquisition (LGC) +2.1% PM, and Onyx Enterprises International signed a definitive agreement for a business combination for Onyx becoming a wholly-owned subsidiary of Legacy.Onyx is the owner and operator of, among other verticals, CARiD.com digital commerce platform for the automotive aftermarket.Under the agreement, Legacy will acquire all of the outstanding shares of Onyx preferred stock for $20M cash and all of the outstanding shares of Onyx common stock for ~$265M in shares of Class A common stock of Legacy.Also, Legacy has entered into warrant holder support agreements with ~19.5M of Legacy’s warrants holders sold as part of the IPO units, exercisable for one-half of one share of Class A common stock for $5.75/half share, or $11.50/whole share.On closure, Legacy will change its name to PARTS iD and is expected to remain listed on the NYSE

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Legacy Acquisition and Onyx in business combination

Company Name:	PARTS iD Inc Cl A
Stock Symbol:	LGC
Market:	NYSE

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