Shift Technologies (NASDAQ: SFT) said on Tuesday that it will acquire CarLotz (LOTZ) in an all-stock transaction, sending LOTZ shares up 35% and SFT shares up 10% in aftermarket trading. Each LOTZ share is anticipated to be exchanged for 0.692158 SFT shares. The actual exchange ratio will be changed at closing based on the ratio of outstanding SFT shares to outstanding LOTZ shares before the merger's effective date. Based on the anticipated exchange ratio, SFT shareholders will own 52.9% of the combined company, while LOTZ shareholders will possess 47.1%.
If the transaction concludes at the end ...
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In an All-Stock Transaction, Shift Technologies Will Purchase Carlotz.