![]() The company then began acquiring cars outright and reselling them on its platform direct to buyers, removing the peer-to-peer consignment model. The company initially served as an intermediary that bought and sold used cars on a consignment basis. The company was incorporated in 2014, and first launched in San Francisco in 2015. Shift was founded in 2013 by: George Arison, Toby Russell, Minnie Ingersoll, Christian Ohler, Joel Washington and Morgan Knutson. As of that date, its final two locations in Oakland and Pomona, California, and its website are no longer in operation. On October 6, 2023, Shift Technologies announced its intentions to file for Chapter 11 bankruptcy. As of October 2022, the company offered its services in the San Francisco Bay Area, Greater Los Angeles, and Portland, OR. Founded in 2014, Shift is based in San Francisco's Mission District. ![]() ![]() is an American company that sold used vehicles online and also maintained a consignment-based online marketplace for buying and selling used cars. Shift Technologies, Inc.San Francisco Bay Area and Greater Los Angeles, California Shift Technologies to Continue Strategic Review Inflation Data Awaited as Exchange-Traded Funds, Equity Futures Rise Pre-Bell Wednesday Sector Update: Consumer Stocks advance Pre-Bell Wednesday Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023 Transcript : Shift Technologies, Inc., Q2 2023 Earnings Call, Aug 10, 2023Įarnings Flash (SFT) SHIFT TECHNOLOGIES Reports Q2 Revenue $47.3M, vs. Announces Resignation of Victoria Mcinnis as Member of the Board of Directors Stocks to Watch : Shift Technologies, Talaris Therapeutics, Lockheed Martin Motion for Joint Administration Filed by Shift Technologies, Inc. Motion for Joint Administration Approved for Shift Technologies, Inc. Shift Technologies Notified Commencement of Delisting Proceedings Motion for Asset Sale Approved for Shift Technologies, Inc. Shift Technologies, Inc.(NasdaqCM:SFT) dropped from S&P TMI Index Shift Technologies Insider Sold Shares Worth $165,945, According to a Recent SEC Filing ![]() Venkata Provides Information to Shareholders of Shift Technologies Shift Technologies, Inc.(OTCPK:SFTG.Q) dropped from NASDAQ Composite Index Motion for Asset Sale Filed by Shift Technologies, Inc. SoftBank Group is advised by Morrison & Foerster LLP as legal counsel. Fair is advised by Cohen & Company Capital Markets, a division of J.V.B. Shift is advised by William Blair & Company as financial advisor. Concurrently with the closing of the Fair acquisition, Shift also closed the issuance of senior unsecured notes to an affiliate of SoftBank Group Corp. The shares were issued and valued as of at a per share market closing price of $1.20. The consideration for the Marketplace Assets consisted of cash in the amount of $15.0 million (the ∼ash Consideration) and 2,066,978 shares of the Company's Class A common stock (such shares being equal to 2.5% of the issued and outstanding shares of the Company's Class A common stock as of immediately prior to the closing of the transactions contemplated by the Amended and Restated Purchase Agreement) (the Stock Consideration). (NasdaqCM:SFT) completed the acquisition of Certain Automotive Dealer Marketplace Assets of Fair Financial Corp. Robert Rawn and Jeremy Casper of Jenner & Block LLP acted as legal advisor to Shift Technologies, Inc. Grear of Young Conaway Stargatt & Taylor, LLP acted as legal advisor to Fair Financial Corp. This acquisition will be cash-neutral for Shift. As of May 10, 2022, the acquisition is expected to close in May. The acquisition is expected to close during the second quarter of 2022, subject to the satisfaction or waiver of the applicable closing conditions. The Purchase Agreement has been approved by the Boards of Directors of the company and Fair. The transaction will be fully funded by a $20 million unsecured debt facility with a 6% coupon from Softbank Group. The consideration for the assets will consist of cash in the amount of $15,000,000 and an amount of shares of the company's Class A common stock equal to 2.5% of the issued and outstanding shares of the company's Class A common stock as of immediately prior to the closing of the transactions contemplated by the Purchase Agreement. (NasdaqCM:SFT) agreed to acquire Certain Automotive Dealer Marketplace Assets of Fair Financial Corp.
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