Vroom emerges from Chapter 11; $290.5M convertible notes converted to equity; trade creditors paid in full

Vroom, Inc.

Converted ~$290.5M principal of 0.75% convertible notes into 92.94% of new common stock; parent has no long-term debt.
Every 5 old common shares reclassified into 1 new share (1-for-5 adjustment); ~5.16M shares outstanding post-emergence.
Issued warrants to purchase 364,516 shares at $60.95 per share, exercisable immediately for 5 years.
Matthew Pietroforte appointed to board of directors; management incentive plan reserves 15% of fully-diluted shares.
Trade creditors and all allowed general unsecured creditors to be paid in full.

item 1.01 item 1.02 item 1.03 item 5.03 item 3.02 item 3.03 item 5.01 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Matthew Pietroforte

Director

VRM · Vroom, Inc.

Effective: 2025-01-14
Filed: January 15, 2025, 6:59 PM ET

On January 14, 2025 and pursuant to the terms of the Plan, as confirmed by the Bankruptcy Court under Chapter 11 of the Bankruptcy Code, Matthew Pietroforte, was appointed as a member of the Board.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Matthew Pietroforte was appointed as Director at Vroom, Inc..

Action: appointed
Role: Director

Exact text from the filing

On January 14, 2025 and pursuant to the terms of the Plan, as confirmed by the Bankruptcy Court under Chapter 11 of the Bankruptcy Code, Matthew Pietroforte, was appointed as a member of the Board.

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Vroom, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-25-005647

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