Shift’s Class A Common Stock is listed on The Nasdaq Capital Market (“Nasdaq”) under the symbol “SFT” and its Public Warrants are quoted on Nasdaq under the symbol “SFTTW.”Īs of November 25, 2020, Shift had 82,106,969 outstanding shares of Class A Common Stock, and 7,532,494 outstanding Public Warrants. The Offer and Consent Solicitation are being made pursuant to an Offer to Exchange, Definitive Proxy Statement and Schedule TO, each dated November 25, 2020, which more fully set forth the terms and conditions of the Offer and Consent Solicitation and have been filed with the Securities and Exchange Commission (the “SEC”). Tenders of Public Warrants must be made prior to the expiration of the Offer to Exchange and may be withdrawn at any time prior to the expiration of the Offer. The Offer commenced today and will expire, unless extended, at 12:00 midnight, Eastern Time, on December 23, 2020. Shift is offering to exchange 0.25 shares of its Class A common stock (“Class A Common Stock”) and $1.00 in cash, without interest (together, the “Exchange Consideration”), for each Public Warrant tendered.Ĭoncurrently with the Offer, Shift is soliciting consents (the “Consent Solicitation”) from holders of the Public Warrants to amend the Warrant Agreement, dated as of March 22, 2019, which governs all of the Public Warrants to permit Shift to require that each outstanding Public Warrant be converted into a combination of 0.225 shares of its Class A Common Stock and $0.90 in cash, without interest (the “Conversion Consideration”), which Conversion Consideration is a ratio that is approximately 10% less than the Exchange Consideration applicable to the Offer. ![]() ![]() (NASDAQ: SFT), “ Shift,” a leading end-to-end ecommerce platform for buying and selling used cars, today announced that it has commenced an offer to exchange (the “Offer”) relating to its outstanding publicly traded warrants (the “Public Warrants”). 25, 2020 (GLOBE NEWSWIRE) - Shift Technologies, Inc.
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