CarLotz and Acamar Partners Acquisition have struck “a definitive business combination agreement” that would turn the used-car behemoth into a public company.
According to a press release, Fidelity Management & Research and other key investors have committed to invest US$125 million in the deal, in the form of common stock priced at US$10 per share.
The companies announced the deal would make CarLotz a public company, with a closing anticipated in the fourth quarter of 2020. The new combined company will be named CarLotz, remain listed on Nasdaq and trade under the new ticker symbol LOTZ.
Individual investors include Rick Wagoner, former CEO of General Motors.
The press release argues that “the highly-fragmented, $841 billion U.S. used-vehicle market is ripe for disruption with less than 1 percent e-commerce penetration.” The companies stated that there are “significant market share expansion opportunities.”
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI