Root closes $126M Carvana investment, issues convertible preferred and warrants

Root, Inc.

Received approx. $126M from Carvana for 14M Series A Convertible Preferred shares at $9.00/sh.
Issued eight tranches of warrants exercisable for up to 129M shares (29.9% fully diluted).
Five-year commercial agreement to develop integrated insurance platform; Root exclusive for auto insurance on Carvana platform.
Carvana gets right to appoint Ernest Garcia III to Root's board of directors.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.