CarLotz, Inc. said on Friday (Jan. 8) that it has attained the needed green light from its shareholders, including the go-ahead from a supermajority of minority shareholders, to finish a proposed merger with blank-check company Acamar Partners Acquisition Corp., according to an announcement.
CarLotz will become a Nasdaq-listed public company under the “LOTZ” ticker symbol once the proposed merger is finalized. The closing of the combination still faces the satisfaction of other stipulations such as the shareholders of Acamar Partners providing the green light for the potential deal.
On Jan. 20, Acamar Partners is set to have a shareholders meeting to approve the potential arrangement. The transaction is anticipated to close on Jan. 22.
Acamar Partners Acquisition Corp. is a special purpose acquisition company (SPAC) “formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses,” according to the announcement.
The company landed $305.6 million in its February 2019 initial public offering (IPO) and following exercise of the underwriters’ over-allotment option. Its securities are quoted on the Nasdaq with the ACAMU, ACAMW and ACAM ticker symbols, according to the announcement.
CarLotz is a “used vehicle consignment and Retail Remarketing™ business,” according to the announcement.
The news comes after it was reported in October that CarLotz and Acamar had come to a “definitive business combination agreement” that would transform the pre-owned car behemoth into a public company.
On Dec. 16, CarLotz reported that its overall revenues climbed 12 percent for Q3 2020 to $29.8 million, up from $26.5 million during the same time the prior year.
“Our strong third quarter results are a testament to the team’s continued execution of our growth strategies combined with CarLotz’ differentiated positioning as the only consignment-to-retail sales operator in the used vehicle industry,” CarLotz, Inc. CEO and Co-founder Michael Bor said in an announcement at the time.
