Root enters $126M strategic investment and exclusive 5-year partnership with Carvana for integrated auto insurance

Root, Inc.

Carvana invests $126M in Root via convertible preferred at $9.00/sh, convertible into ~14M Class A shares (~5% fully diluted).
Carvana receives warrants for up to 129M shares (29.9% fully diluted) tied to performance milestones of the integrated platform.
Exclusive 5-year commercial agreement to develop integrated auto insurance solution for Carvana's online car buying platform.
Carvana CEO Ernie Garcia III to join Root board; closing expected within 45-60 days, subject to HSR and other conditions.
Root expects partnership to materially lower customer acquisition costs and increase GWP growth.

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