Acamar Partners Acquisition in a filing today included a shareholder letter setting a Jan. 20 vote on the SPAc’s proposed merger with CarLotz. The deal was announced in October.
As part of the merger, CarLotz equityholders will receive net consideration representing an enterprise value of $750 million, comprised of $33 million in cash payable to CarLotz equityholders, $37 million in cash payable to the holder of CarLotz preferred stock as liquidation preference amount and $680 million payable in newly issued shares of Acamar Partners Class A common stock at a price of $10 per share. CarLotz stockholders are therefore rolling over 95.4% of their ownership in CarLotz into New CarLotz. In addition, certain options held by CarLotz current employees, officers and directors will be exchanged for 5,532,881 new options over Acamar Partners Class A common stock, on a value neutral basis.
Fidelity Management & Research Company and other investors along with strategic partners including KAR Global (parent of ADESA and TradeRev), McLarty Diversified Holdings (founded by Franklin McLarty, former CEO of one of the largest U.S. automotive dealership groups), Rick Wagoner (former CEO of General Motors) and TRP Capital Partners (existing investor and a leading private equity fund in the transportation sector) are committed to fund a $125 million PIPE. Acamar Partners and CarLotz Co-Founder and Chief Executive Officer Michael Bor are also participating in the PIPE. Read more.
