The Lithia Motors, BMW and Alliance Ventures-backed automotive e-commerce marketplace is set to go public through a reverse merger with Insurance Acquisition.
Shift Technologies, a US-based online used car retailer backed by corporates BMW and Lithia Motors as well as multi-corporate venturing fund Alliance Ventures, announced on Monday it will go public through a reverse merger.
The company will merge with Insurance Acquisition, a special purpose acquisition vehicle listed on Nasdaq. The deal is expected to close in Q3 2020 and will involve Insurance Acquisition changing its name to Shift and taking on a new, as yet undisclosed ticker symbol.
The deal…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
