Shift (SFT) to Merge with CarLotz (LOTZ)
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Shift Announces Merger with CarLotz; a New Business Plan that Enables the Company to Achieve Profitability in 2024; Appointment of new CEO; also Releases Q2 Results
August 9, 2022 4:30 PM EDTShift to merge with CarLotz, a leading used vehicle consignment business; combined company estimated to have approximately $125 million of cash if the merger closes at the end of the year  Shift is transitioning to a new business plan focused on transacting most sales through its most profitable online checkout channel, which allows consumers to purchase a vehicle online, sight unseen, for pickup or delivery.  Updated financial model enables positive unit economics in 2023 and company-wide profitability in 2024 Current Shift President Jeff Clementz... More
