Shift Technologies closes merger with CarLotz

Shift Technologies (SFT) has closed its merger with CarLotz (LOTZ), a leading consignment-to-retail used vehicle marketplace. The combined company will continue to trade on Nasdaq under the ticker SFT. CarLotz shareholders at the effective time of the merger will receive approximately 0.705 shares of Shift common stock for each share of CarLotz common stock, or approximately 84.4 million shares of Shift common stock in the aggregate. In connection with the closing, Jason Krikorian and Manish Patel resigned from the Shift Board of Directors, and Kimberly Sheehy, James Skinner, and Luis Ignacio Solorzano joined the Shift Board of Directors. "On behalf of the Board and entire team at Shift, we’d like to thank Jason and Manish for their endless support, advice, and mentorship over the years," said Jeff Clementz, Shift’s CEO. "While we will miss their presence on the Board, we’re excited to welcome three new members to help us build a winning, profitable future for Shift." Clementz continued, "As we welcome new members from CarLotz to our team, I’d like to thank Lev, Ozan, and the rest of the CarLotz management team for partnering with us through a successful close. We look forward to combining the best assets from both companies to create a leading destination for used auto retail, allowing consumers to shop and buy cars seamlessly however they prefer, online or in-store."