CarLotz, Inc. (“CarLotz” or the “Company”), a leading
consignment-to-retail used vehicle marketplace, today announced
that it has completed its business combination (the “Business
Combination”) with Acamar Partners Acquisition Corp. (“Acamar
Partners”) (Nasdaq: ACAM), a publicly-traded special purpose
acquisition company. The Business Combination was approved on
January 20, 2021 by Acamar Partners’ stockholders. Beginning
January 22, 2021, CarLotz’ shares will trade on the Nasdaq Global
Market under the ticker symbol “LOTZ.”
Michael Bor, Co-Founder and Chief Executive Officer of CarLotz,
said, “Today marks another major milestone for CarLotz as we begin
this next chapter as a public company. I couldn’t be more proud of
the CarLotz team today, including all our CarLotz alumni, who put
their hearts and souls into growing this business. We would not be
where we are today without our team’s grit, determination, focus on
the guest experience, and adherence to our core values. With our
differentiated business model, including the only
Consignment-to-Retail Sales Platform, and the continued execution
of our growth strategies, we are well positioned to advance our
vision of transforming the used vehicle industry. We look forward
to building on the success we have driven to-date, and delivering
value for all of our stakeholders.”
Luis Solorzano, Chief Executive Officer of Acamar Partners,
commented, “We are excited to announce the closing of our business
combination with CarLotz. Michael and his team have established a
proven platform for growth that will be further enhanced by this
combination. We look forward to seeing the CarLotz team capitalize
on the near and long-term growth opportunities, as they continue to
disrupt the used vehicle industry, and supporting them in this new
chapter.”
“We are thrilled to see CarLotz gain the financial support
needed to roll out its unique retail automotive experience
nationally,” said Steve Carrel, Managing Director of TRP Capital
Partners. “The Company’s technology, omni-channel marketing and
asset-light inventory sourcing model provide a best-in-class
experience for consumers to buy, sell, trade or consign vehicles,
creating a differentiated model to grow its market share over the
long term.”
The Business Combination was funded by a combination of Acamar
Partners’ $311 million cash-in-trust and $125 million of PIPE
proceeds, which was fully committed by a pool of institutional and
strategic investors.
For CarLotz, Deutsche Bank Securities served as lead financial
and capital markets advisor, Barclays served as financial and
capital markets co-advisor, William Blair served as capital markets
co-advisor and Freshfields Bruckhaus Deringer served as legal
counsel. Acamar Partners’ advisors included Goldman Sachs as sole
financial advisor and placement agent for the PIPE, and Simpson
Thacher & Bartlett served as legal counsel.
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.
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).
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: failure to realize the benefits expected
from the transaction; the effects of pending and future
legislation; risks related to management’s focus on the 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 CarLotz and is not intended to form the basis of
an investment decision in CarLotz. All subsequent written and oral
forward-looking statements concerning Acamar Partners and CarLotz,
the 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.
Investor Contact:
CarLotzIR@icrinc.com
Media:
CarLotzPR@icrinc.com
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