Carvana Co. Announces Registered Direct Offering of $600 Million
March 30 2020 - 7:30AM
Business Wire
Carvana Co. (NYSE: CVNA), a leading e-commerce platform for
buying and selling used cars, today announced the pricing of a
registered direct offering of 13.3 million shares of Class A Common
Stock (“Common Stock”) to certain existing investors. Each share of
Common Stock is being sold for a purchase price of $45.00,
resulting in gross proceeds of $600 million. The offering included
investments of $25 million each from Ernest Garcia III, the
Company’s founder and CEO, and Ernest Garcia II, the Company's
controlling shareholder. The offering is expected to close on or
about April 1, 2020, subject to customary closing conditions.
Carvana intends to use the net proceeds from the public offering of
Common Stock for general corporate purposes.
The Common Stock is being sold pursuant to a shelf registration
statement on Form S-3 that was previously filed with the Securities
and Exchange Commission (SEC) and declared effective on May 20,
2019. A final prospectus supplement related to the offering will be
filed with the SEC, and will be available on the SEC's website
located at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy this Common Stock, nor shall there
be any sale of this Common Stock in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
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 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.
About Carvana Co.
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 25,000 vehicles, finance or trade-in 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.
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Investor Relations: Carvana Mike Levin investors@carvana.com
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