Kaskela Law LLC is investigating potential claims on behalf of Shift Technologies, Inc. (“Shift”) (NASDAQ: SFT) investors relating to the company’s recently announced transaction with CarLotz, Inc. (“CarLotz”).
On August 9, 2022, Shift announced that it had entered into an agreement to acquire CarLotz in a stock-for-stock transaction. In connection with the proposed transaction, Shift has reported that it expects to issue 0.692158 shares of Shift common stock to CarLotz investors for each share of CarLotz common stock that they own. Following the proposed transaction, CarLotz investors are expected to own over 47% of the combined company. On this news, shares of Shift’s common stock fell approximately 16% in value.
The investigation is focused on whether the members of Shift’s Board of Directors violated the securities laws or breached their fiduciary duties in connection with the proposed transaction, and whether the company has properly disclosed all potential conflicts of interest to its shareholders.
Shift shareholders are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, to receive additional information about this investigation and their legal rights and options.