Experienced Executives Add Strength and
Diversity as the Company Accelerates Growth
Linda Abraham, Sarah Kauss, Kimberly Sheehy and
James Skinner to Join at Close of Merger
CarLotz, Inc., (“CarLotz” or the “Company”), a leading
consignment-to-retail used vehicle marketplace, which recently
announced it would become a public company via a merger with
special purpose acquisition company Acamar Partners Acquisition
Corp. (“Acamar Partners”) (Nasdaq: ACAM), announced today that
Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner have
been nominated to its Board of Directors, effective at the closing
of the business combination transaction.
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“Linda, Sarah, Kimberly and James are all pioneers in their
industries and bring a wide diversity of thinking and experience to
CarLotz. We look forward to their energy, passion and wisdom as we
continue our rapid growth,” said Michael Bor, Chairperson, CEO and
co-founder of CarLotz, “Like them, we are disruptors in an
established category. We have an ambitious national expansion plan
and their combined experience will be invaluable. On behalf of all
of us here at CarLotz, I am pleased to extend a warm welcome to
Linda, Sarah, Kimberly and James to our Board of Directors.”
Linda Abraham, currently Managing Director of Crimson
Capital, invests in and advises early stage technology companies,
and brings extensive strategy and growth experience to the CarLotz
board. Prior to Crimson, Linda co-founded comScore, a global leader
in digital measurement and analytics, where she served in a variety
of leadership roles helping to grow the company to 32 offices in 23
countries before it went public in 2007. She also co-founded
Paragren Technologies, which was later acquired by Oracle. Linda
serves on the board of multiple companies spanning public, private,
and non-profit sectors. Among these companies are Site Centers,
Tiger 21, Upskill, Zum, and Humanest. Additionally, she serves on
the board of the School of Data Science at the University of
Virginia, and is a 2020-2021 Fellow in the Stanford Distinguished
Careers Institute. She will now be bringing this vast experience in
technology and business leadership to the CarLotz Board of
Directors. On the CarLotz board, Linda will serve as the Chair of
the Compensation Committee.
Sarah Kauss, Founder and Chairwoman of S’well, brings
extensive experience as a consumer products leader with a proven
track record of launching companies, building multi-million dollar
brands, and assembling high-performance leadership teams. Sarah
previously held the position of CEO at S’well for 10 years, where
she turned $30K of bootstrap funding from her savings into over
$100M in revenue. Before her time at S’well, Sarah worked in
international real estate development and accounting, accumulating
years of experience leading international collaboration and
partnerships, as well as providing professional services to public
and privately held companies in the technology, consumer products,
and media sectors. Sarah has been recognized as a Fortune’s “40
Under 40” honoree, EY Entrepreneurial Winning Woman, and was
awarded the Harvard Business School of New York’s Entrepreneurship
Award. On the CarLotz board, Sarah will be a member of the Audit
and Compensation Committees.
Kimberly Sheehy brings decades of financial and advisory
experience to the CarLotz board. Most recently, she was Chief
Financial Officer of ResMan LLC, a privately owned software company
providing software solutions to multi-family residential property
managers. Previously, she served as CFO of Lori’s Gifts, a
privately owned retail company serving hospitals throughout the
United States. Ms. Sheehy previously served as Chief Financial
& Administrative Officer of CyrusOne Inc., a public high-growth
real estate investment trust specializing in engineering, building
and managing data center properties. She also held senior roles at
Cincinnati Bell Inc. and Ernst & Young. Kimberly’s achievements
have been honored with several awards, including Dallas Business
Journal’s CFO of the Year and Cincinnati’s One Hundred Wise Women
program. For the past three years, Kimberly has served as an
independent board member and as Audit Committee Chair for Switch
Inc. On the CarLotz board, Kimberly will serve as the Chair of the
Audit Committee and will be a member of the Nominating and
Corporate Governance Committee.
James Skinner brings a wealth of financial, retail and
branding experience to the CarLotz board. The retired Vice Chairman
of the $4 billion luxury fashion retailer Neiman Marcus Group
(NMG), James brings decades of experience ranging from Chief
Operating Officer and Chief Financial Officer at NMG to serving on
several Boards of Directors. Prior to NMG, he held various
positions at CompUSA, including executive vice president and Chief
Financial Officer. In addition to these accomplishments, James is
also a Certified Public Accountant, licensed in the state of Texas.
Today, James serves on the Board of Directors for Acamar Partners
and Ares Commercial Real Estate. He is also on the Advisory Board
of RevTech Ventures, an early stage venture capital firm focused on
retail technology. James also brings the experience of having
served as Chairman of various Audit, Compensation and Finance
Committees to the CarLotz board. On the CarLotz board, James will
Chair the Nominating and Corporate Governance Committee and will be
a member of the Audit Committee.
With these new additions, CarLotz’s board composition will
consist of Linda Abraham, Sarah Kauss, Kimberly Sheehy and James
Skinner, along with previously disclosed Chairperson Michael Bor
and board members Steven Carrel, David Mitchell and Luis Solorzano.
Biographies for the existing board members can be found in the SEC
Form S-4 filed by Acamar Partners, which can be found at the SEC’s
website at www.sec.gov or through www.acamarpartners.com.
Acamar Partners is scheduled to hold a stockholders meeting to
approve the proposed merger on January 20, following which the
transaction is expected to close on January 22. Upon the
consummation of the merger, CarLotz will become a public company
listed on Nasdaq under the ticker symbol LOTZ.
About CarLotz, Inc.
CarLotz is a used vehicle consignment and Retail Remarketing™
business that provides our corporate vehicle sourcing partners and
retail sellers of used vehicles with the ability to access the
previously unavailable retail sales channel while simultaneously
providing buyers with prices that are, on average, below those of
traditional dealerships. Our mission is to create the world’s
greatest vehicle buying and selling experience. We operate a
technology-enabled buying, sourcing and selling model that offers a
seamless omni-channel experience and comprehensive selection of
vehicles while allowing for a fully contactless end-to-end
e-commerce interface that enables no hassle buying and selling. Our
proprietary Retail Remarketing™ technology provides our corporate
vehicle sourcing partners with real-time performance metrics and
data analytics along with custom business intelligence reporting
that enables price and vehicle triage optimization between the
wholesale and retail channel. Through our marketplace model, we
generate significant value for both sellers and buyers through
price, selection and experience. For more information, visit
www.carlotz.com.
About Acamar Partners Acquisition Corp.
Acamar Partners Acquisition Corp. is a blank check company
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. Acamar
Partners Acquisition Corp. raised $305.6 million in its initial
public offering in February 2019 (and subsequent exercise of the
underwriters’ over-allotment option). The company’s securities are
quoted on Nasdaq under the ticker symbols ACAM, ACAMW and ACAMU.
For more information, visit www.acamarpartners.com.
Important Additional Information and Where to Find It
This communication is being made in respect of the proposed
merger transaction involving Acamar Partners and CarLotz. Acamar
Partners has filed a registration statement on Form S-4 with the
Securities and Exchange Commission (the “SEC”), which includes a
proxy statement of Acamar Partners, a prospectus of Acamar Partners
and a consent solicitation statement of CarLotz. A definitive proxy
statement/prospectus/consent solicitation statement has been sent
to the stockholders of Acamar Partners and CarLotz, as of the
respective record dates with respect to the required stockholder
approvals. Before making any voting or investment decision,
investors and security holders of Acamar Partners and CarLotz are
urged to carefully read the entire registration statement and proxy
statement/prospectus/consent solicitation statement, and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because these documents contain
important information about the proposed transaction. The documents
filed by Acamar Partners with the SEC may be obtained free of
charge at the SEC’s website at www.sec.gov. In addition, the
documents filed by Acamar Partners may be obtained free of charge
from Acamar Partners at www.acamarpartners.com. Alternatively,
these documents, when available, can be obtained free of charge
from Acamar Partners upon written request to Acamar Partners
Acquisition Corp., 1450 Brickell Avenue, Suite 2130, Miami, Florida
33131, or by calling 786-264-6680.
Participants in the Solicitation
Acamar Partners, CarLotz and certain of their respective
directors and executive officers may be deemed to be participants
in the solicitation of proxies from the stockholders of Acamar
Partners in connection with the proposed merger. Information
regarding Acamar Partners’ directors and executive officers is
contained in Acamar Partners’ Annual Report on Form 10-K for the
year ended December 31, 2019 filed with the SEC on March 27, 2020,
and subsequent Form 8-K filed with the SEC on July 14, 2020, both
of which are available at the SEC website at www.sec.gov.
Additional information regarding the interests of these
participants and other persons who may be deemed to be participants
in the solicitation may be obtained by reading the registration
statement and the proxy statement/prospectus/consent solicitation
statement and other relevant documents filed with the SEC. Free
copies of these documents may be obtained as described in the
preceding paragraph.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Generally, forward-looking statements include statements that
are not historical facts, such as statements concerning possible or
assumed future actions, business strategies, events or results of
operations, including statements regarding Acamar Partners’ and
CarLotz’ expectations or predictions of future financial or
business performance or conditions. Forward-looking statements may
be preceded by, followed by or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends”
or similar expressions.
Forward-looking statements involve risks and uncertainties that
may cause actual events, results or performance to differ
materially from those indicated by such statements. Certain of
these risks are identified and discussed in Acamar Partners’ Form
10-K for the year ended December 31, 2019 under “Risk Factors” in
Part I, Item 1A and in Acamar Partners’ Form 10-Q for the quarterly
period ended March 31, 2020, Form 10-Q for the quarterly period
ended June 30, 2020 and Form 10-Q for the quarterly period ended
September 30, 2020 under “Risk Factors” in Part II, Item 1A. These
risk factors will be important to consider in determining future
results and should be reviewed in their entirety.
In addition to risks previously disclosed in Acamar Partners’
reports filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: ability to meet the closing conditions
to the merger, including approval by stockholders of Acamar
Partners on the expected terms and schedule; delay in closing the
merger; failure to realize the benefits expected from the proposed
transaction; the effects of pending and future legislation; risks
related to management’s focus on the proposed transaction rather
than on the ongoing business operations of CarLotz; business
disruption following the transaction; risks related to Acamar
Partners’ or CarLotz’ indebtedness; other consequences associated
with mergers, acquisitions and legislative and regulatory actions
and reforms; risks of the automotive and used vehicle industries;
the potential impact of COVID-19 on the used vehicle industry and
on the CarLotz business; litigation, complaints, product liability
claims or adverse publicity; the impact of changes in consumer
spending patterns, consumer preferences, local, regional and
national economic conditions, crime, weather, demographic trends
and employee availability; new entrants in the
consignment-to-retail used vehicle business; technological
disruptions, privacy or data breaches, the loss of data or
cyberattacks; and the ability to compete successfully with new and
existing market participants.
Any financial projections in this communication are
forward-looking statements that are based on assumptions that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond Acamar Partners’ and CarLotz’ control.
While all projections are necessarily speculative, Acamar Partners
and CarLotz believe that the preparation of prospective financial
information involves increasingly higher levels of uncertainty the
further out the projection extends from the date of preparation.
The assumptions and estimates underlying the projected results are
inherently uncertain and are subject to a wide variety of
significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the projections. The inclusion of
projections in this communication should not be regarded as an
indication that Acamar Partners and CarLotz, or their
representatives, considered or consider the projections to be a
reliable prediction of future events.
Forward-looking statements speak only as of the date they are
made, and Acamar Partners and CarLotz are under no obligation, and
expressly disclaim any obligation, to update, alter or otherwise
revise any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by law.
Readers should carefully review the statements set forth in the
reports that Acamar Partners has filed or will file from time to
time with the SEC. Forward-looking statements are expressed in good
faith, and Acamar Partners and CarLotz believe there is a
reasonable basis for them. However, there can be no assurance that
the events, results or trends identified in these forward-looking
statements will occur or be achieved.
Annualized, pro forma, projected and estimated numbers are used
for illustrative purpose only, are not forecasts and may not
reflect actual results.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Acamar Partners and is not intended to form the
basis of an investment decision in Acamar Partners. All subsequent
written and oral forward-looking statements concerning Acamar
Partners and CarLotz, the proposed transaction or other matters and
attributable to Acamar Partners and CarLotz or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements above.
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version on businesswire.com: https://www.businesswire.com/news/home/20210107005059/en/
Investors: CarLotzIR@icrinc.com
Media: CarLotzPR@icrinc.com
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