Shift has commenced trading on NASDAQ under the ticker SFT. This marks a significant milestone for the company, which specializes in an end-to-end ecommerce platform for used cars. Following its merger with Insurance Acquisition Corp., Shift has secured $300 million to drive future growth. Co-CEO George Arison expressed gratitude to the Shift team and shareholders, emphasizing the commitment to delivering long-term shareholder value. The company aims to transform the used car industry by providing a seamless, digital car ownership experience.
Shift has completed its merger with Insurance Acquisition Corp., transitioning to a public listing with NASDAQ ticker symbol SFT. This merger, approved by INSU's stockholders on October 13, 2020, provides Shift with approximately $300 million for growth and working capital. The company aims to disrupt the $840 billion used car market, having achieved nearly 30% year-over-year revenue growth in Q3 2020. Shift plans to discuss further details in an investor conference call on October 15, 2020.
Shift, a leading ecommerce platform for used cars, has completed its business combination with Insurance Acquisition Corp, approved by INSU’s stockholders on October 13, 2020. This transaction provides Shift with approximately $300 million for growth, allowing it to trade publicly under the ticker SFT starting October 14, 2020. The company has reported nearly 30% year-over-year revenue growth in Q3 and anticipates strong growth ahead. Co-CEOs George Arison and Toby Russell will discuss the merger in an investor call on the same day.