August 10, 2022
CarLotz, Inc. Investigation
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of CarLotz, Inc. (“CarLotz” or the “Company”) (NASDAQ:LOTZ), in connection with the proposed merger of the Company with Shift Technologies, Inc. (“Shift”) (NASDAQ: SFT). Under the terms of the merger agreement, Company shareholders will receive 0.692158 shares of Shift common stock for each share of CarLotz common stock, leaving then- current Shift equity holders owning approximately 52.9% and CarLotz then-current equity holders owning approximately 47.1% of the combined company upon closing of the transaction.
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