Shift Technologies to Raise $75M Via Institutional Debt

May 24, 2021 7:45 AM | 1 min read |

Shift Technologies Inc SFT seeks to raise $75 million from a private institutional offering of senior notes due 2026.
The initial purchasers of the notes have thirteen days to procure up to an additional $11.25 million notes.
Shift plans to forge privately negotiated capped call transactions with the initial note purchasers.
The offering proceeds will be utilized to pay for the capped call transactions. The remaining proceeds will be used for working capital and general corporate purposes.
The company held $177 million in cash and equivalents as of March 31, 2021. SFT's stock has lost 26% last year.
Price action: SFT shares traded lower by 2.28% at $7.30 in the premarket session on the last check Monday.