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Shift Technologies (NASDAQ: SFT) announced an offer to exchange its outstanding publicly traded warrants. The company is offering 0.25 shares of Class A common stock and $1.00 in cash for each Public Warrant tendered. Concurrently, Shift is soliciting consent to amend the Warrant Agreement to allow the conversion of Public Warrants into 0.225 shares and $0.90 cash. This Offer will expire on December 23, 2020. As of now, Shift has 82,106,969 shares of Class A Common Stock and 7,532,494 Public Warrants outstanding.
Shift (NASDAQ: SFT), an auto ecommerce platform, announced share purchases by executives and board members, signaling confidence in the used car market. Co-CEO George Arison emphasized the potential within the $840 billion industry, highlighting ongoing growth and strategic initiatives aimed at enhancing shareholder value.
The company's mission focuses on simplifying car ownership through digital solutions that streamline the buying and selling process.
Shift (Nasdaq: SFT), a top ecommerce platform for used cars, will present at the Wells Fargo TMT Summit on December 2, 2020. The event aims to engage the investment community through individual and small group meetings. A live and archived webcast of the presentation will be accessible on Shift's investor relations page. Shift focuses on enhancing the used car buying and selling experience with a technology-driven approach, simplifying the process from finding cars to seamless transactions.
Shift (NASDAQ: SFT) has expanded its operations by launching its second region in Texas, targeting the San Antonio used car market. The company allows consumers to sell cars directly to Shift, enhancing service accessibility in Texas. Customers can receive online quotes and book evaluations that include a Shift Concierge visit to finalize sales. This move aims to capitalize on market opportunities, following successful expansions in California, Washington, and Oregon.
Shift (SFT) reported strong Q3 2020 results with a 31% increase in revenue, reaching $59.9 million, and a gross profit of $3.7 million. Total units sold grew to 4,046, up 34% year-over-year. The Adjusted Gross Profit surged 156% to $3.9 million. Management anticipates Q4 revenue between $72 million and $75 million, highlighting a growth rate of 163% to 174% year-over-year. However, the company reported a net loss of $(23.3) million and increased SG&A expenses to $24 million, attributed to heightened marketing and public company expenses.
Shift (NASDAQ: SFT) announces the appointment of Blima Tuller as Controller and SVP of Accounting and Tim Brauer as VP of Fixed Operations. Tuller brings over 20 years of financial experience, previously serving as CAO at Magnite, while Brauer has 15 years in automotive operations, including his role at CarMax. Their appointments aim to enhance Shift's financial and operational expertise as the company focuses on growth in the used car industry. Shift's mission is to provide a hassle-free digital car ownership experience.
Shift (NASDAQ: SFT) has launched its first car-selling service in Texas, specifically targeting the Austin used car market, effective November 9, 2020. This expansion marks a significant milestone for Shift, moving beyond its previous West Coast-only operations. The platform allows consumers to receive online quotes and schedule evaluations at their location, with transactions completed digitally. Shift aims to simplify and digitize the used car experience, enhancing convenience during the pandemic.
Shift (Nasdaq: SFT) has filed a preliminary proxy statement to exchange outstanding publicly-traded warrants for common stock and cash. The proposed offer allows warrant holders to exchange each warrant for 0.25 shares of Shift common stock and $1.00 in cash. The exchange offer is expected to commence on or about November 16, 2020, and will remain open for at least 20 business days. If fully subscribed, approximately 1,883,123 shares will be issued, eliminating a warrant overhang of 7,532,494 shares.
Shift (NASDAQ: SFT) has expanded its operations by launching a new market in the greater Seattle region, completing its service coverage along the I-5 corridor from Canada to Mexico. This comes shortly after Shift began trading publicly on October 15. The company offers an end-to-end car buying service, enabling customers to book test drives at home and purchase vehicles online. Shift ensures customer confidence with a 150-point inspection for every car, along with return guarantees. This launch marks the sixth major metro region for Shift on the West Coast.
Shift (NASDAQ: SFT) has launched a new brand strategy aimed at transforming the perception of used cars. This initiative, developed with boutique agency Register by Design, focuses on celebrating used cars and making the purchasing experience more appealing and accessible. Featuring a campaign titled "Straight Shooter" with spokesperson Martin Starr, Shift emphasizes the smart choice of buying used cars while removing traditional barriers like opaque pricing. The campaign will begin running on multiple channels from October 21, 2020.
