CarLotz Inc., a Richmond used car company that’s struggled amid a tricky market, said Friday it closed its all-stock merger with San Francisco’s Shift Technologies Inc. (NASDAQ: SFT).
Shift also works in used car sales, but through e-commerce on the West Coast. CarLotz started as a local startup and sells used vehicles on a consignment as opposed to a commission model. It primarily operates in the Mid-Atlantic after scaling back its brick-and-mortar operations in June in what it billed at the time as a cash-saving move. It indicated plans to shutter three more locations this month, according to Securities and Exchange Commission filings.
CarLotz shareholders received 0.705 shares of Shift common stock for each CarLotz share they own, the companies said. That translates to an aggregate of 84.4 million Shift common stock shares. The combined company will be headquartered in San Francisco and trade on the Nasdaq under Shift’s ticker symbol, “SFT.” The companies said in August…
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