---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-008978"
form_type: "8-K"
ticker: "CVNA"
cik: "0001690820"
company_name: "CARVANA CO."
filed_at: "2023-01-17T23:59:59+00:00"
generated_at: "2026-06-20T14:47:08.775170+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Carvana adopts shareholder rights plan to preserve NOLs; triggers at 4.9% ownership

## Summary
- Plan designed to prevent an IRC Section 382 'ownership change' that would limit use of net operating loss carryforwards.
- Rights become exercisable if a person or group acquires 4.9% or more of CVNA Class A common stock.
- Upon trigger, holders (other than triggering person) can buy Class A shares at 50% discount or exchange each right for one share.
- Plan effective Jan 16, 2023, expires Jan 15, 2026, unless terminated earlier by Board.
- Grandfathered holders (≥4.9% at announcement) may not acquire additional shares; exchange of LLC units triggers plan.

## SEC filing metadata
- accession: 0001193125-23-008978
- form_type: 8-K
- ticker: CVNA
- cik: 0001690820
- company_name: CARVANA CO.
- filed_at: 2023-01-17T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 3.03, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1690820/000119312523008978/0001193125-23-008978-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1690820/000119312523008978/d389539d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-008978
- JSON: https://secwatch.observer/filing/0001193125-23-008978.json
- Plain text: https://secwatch.observer/filing/0001193125-23-008978.txt

## Key facts
- Material Agreements
  CARVANA CO. entered into Section 382 Rights Agreement with American Stock Transfer & Trust Company, LLC (effective 2023-01-16).
  - Action: entry
  - Counterparty: American Stock Transfer & Trust Company, LLC
  - Effective: 2023-01-16
  source text: the Company entered into a Section 382 Rights Agreement (the “Tax Asset Preservation Plan”), dated as of January 16, 2023, between the Company and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as rights agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1690820/000119312523008978/0001193125-23-008978-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.