Openlane shareholder launches secondary offering of 8M shares

OPENLANE, Inc. (NYSE: OPLN) announced the launch of an underwritten secondary public offering of 8,000,000 shares of its common stock by Ignition Acquisition Holdings LP, a fund advised by Apax Partners, L.P., according to a press release.

The shares originate from OPENLANE's Series A Convertible Preferred Stock previously held by Ignition that converted into common stock in May 2026. OPENLANE is not selling any shares in the offering and will not receive any proceeds from the sale.

Subject to completion of the offering, OPENLANE intends to concurrently repurchase from the underwriter a portion of those 8,000,000 shares at an aggregate purchase price of up to $25,000,000. The per-share repurchase price will equal the price at which the underwriter purchases shares from Ignition. The share repurchase closing is conditioned on, and expected to occur simultaneously with, the offering closing, though the offering itself is not conditioned on completion of the repurchase.

BofA Securities is acting as the underwriter for the secondary offering. The underwriter will offer shares from time to time in negotiated transactions or otherwise, at prevailing market prices or negotiated prices.

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