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…

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Thierry Heles

Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
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