Carvana Co. Announces Offering of Class A Common Stock
Carvana Co. (NYSE: CVNA), a leading e-commerce platform for
buying and selling used cars, today announced that it has commenced
a public offering of its Class A common stock. Carvana is proposing
to sell 5,000,000 shares of Class A common stock. The underwriters
will offer the shares from time to time for sale in negotiated
transactions or otherwise, at market prices prevailing at the time
of sale, at prices related to such prevailing market prices or at
negotiated prices. The last reported sales price of Carvana’s Class
A common stock on May 18, 2020 was $98.59 per share.
Citigroup and Wells Fargo Securities will act as book-running
managers for the proposed offering.
Carvana intends to use the net proceeds from the public offering
of Class A common stock for general corporate purposes. Carvana may
use a portion of the net proceeds from the offering to partially
repay borrowings under its floor plan facility until it identifies
other specific uses.
The offering of Class A common stock will be made only by means
of an effective registration statement (including a prospectus) and
a preliminary prospectus supplement. A copy of the prospectus and
the preliminary prospectus relating to these securities may be
obtained from Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146) or from
Wells Fargo Securities, Attention: Equity Syndicate Department, 500
West 33rd Street, New York, New York, 10001, at (800) 326-5897 or
email a request to firstname.lastname@example.org.
An automatic shelf registration statement relating to the Class
A common stock has been filed with the U.S. Securities and Exchange
Commission and is effective and a preliminary prospectus supplement
will be filed. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy any of these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
applicable securities laws of such state or jurisdiction.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA)
mission is to change the way people buy cars. By removing the
traditional dealership infrastructure and replacing it with
technology and exceptional customer service, Carvana offers
consumers an intuitive and convenient online car buying and
financing platform. Carvana.com enables consumers to quickly and
easily shop more than 20,000 vehicles, finance, trade-in or sell
their current vehicle to Carvana, sign contracts, and schedule
as-soon-as-next-day delivery or pickup at one of Carvana’s
patented, automated Car Vending Machines.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect Carvana’s current
intentions, expectations or beliefs regarding the proposed Class A
common stock offering. These statements may be preceded by,
followed by or include the words "aim," "anticipate," "believe,"
"estimate," "expect," "forecast," "intend," "likely," "outlook,"
"plan," "potential," "project," "projection," "seek," "can,"
"could," "may," "should," "would," "will," the negatives thereof
and other words and terms of similar meaning. Forward-looking
statements include all statements that are not historical facts.
Such forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. There is no assurance
that any forward-looking statements will materialize. You are
cautioned not to place undue reliance on forward-looking
statements, which reflect expectations only as of this date.
Carvana does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments, or otherwise, except as required
version on businesswire.com: https://www.businesswire.com/news/home/20200518005740/en/
Investor Relations: Carvana Mike Levin
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