News Exclusive | Shift Plans to Go Public This Year as Covid-19 Boosts Online Car Sales

published 29.06.2020 12:00

by Biography from wsj.com
Image of article 'News Exclusive       |       Shift Plans to Go Public This Year as Covid-19 Boosts Online Car Sales'

Shift, founded in 2013, said it would go public through a reverse merger, in which it will sell a minority stake to Insurance Acquisition Corp., a publicly traded special-purpose acquisition company.

Online used-car seller Shift Technologies Inc. plans to go public in the third quarter, looking to ride the momentum of rivals Carvana Co. and Vroom Inc., whose valuations have jumped as the pandemic propels them past traditional dealers.

Insurance Acquisition, which has no operations of its own, will raise $185 million at the...