--- schema_version: "secwatch.filing_event.v1" accession: "0001213900-22-078786" form_type: "8-K" ticker: null cik: "0001759008" company_name: "CarLotz, Inc." filed_at: "2022-12-09T23:59:59+00:00" generated_at: "2026-06-21T06:51:30.733056+00:00" event_type: "m_and_a" sentiment: "neutral" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Shift Technologies closes merger with CarLotz; LOTZ shareholders receive 0.705 Shift shares per share ## Summary - Merger closed Dec 9, 2022; CarLotz shareholders get 0.705241 Shift shares per LOTZ share, aggregate ~84.4M Shift shares. - CarLotz becomes wholly owned subsidiary of Shift; LOTZ common stock and warrants delisted from Nasdaq effective Dec 9. - CarLotz board (Abraham, Carrel, Liu, Mitchell, Sheehy, Skinner, Solorzano) and executives (Peker, Kaya, Kovshilovsky, Stoltz, Sanders) resigned. - Three CarLotz directors (Sheehy, Skinner, Solorzano) join Shift board after Krikorian and Patel resigned from Shift board. - CarLotz to file Form 25 for delisting and Form 15 to suspend reporting; combined company trades under ticker SFT. ## SEC filing metadata - accession: 0001213900-22-078786 - form_type: 8-K - cik: 0001759008 - company_name: CarLotz, Inc. - filed_at: 2022-12-09T23:59:59+00:00 - event_type: m_and_a - sentiment: neutral - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 2.01, 3.01, 3.03, 5.01, 5.02, 5.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/ea169919-8k_carlotzinc.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001213900-22-078786 - JSON: https://secwatch.observer/filing/0001213900-22-078786.json - Plain text: https://secwatch.observer/filing/0001213900-22-078786.txt ## Key facts - Executive change Thomas W. Stoltz resigned as other_named_officer at CarLotz, Inc.. - Action: resigned source text: the resignations of CarLotz’s executive officers, Lev Peker, Ozan Kaya, Eugene Kovshilovsky, Thomas W. Stoltz and Elizabeth Sanders, became effective. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Kimberly H. Sheehy departed as Director at CarLotz, Inc.. - Action: ceased to be director - Role: Director source text: all members of the CarLotz board of directors (the “ Board ”), Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Nanxi Liu departed as Director at CarLotz, Inc.. - Action: ceased to be director - Role: Director source text: all members of the CarLotz board of directors (the “ Board ”), Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Steven G. Carrel departed as Director at CarLotz, Inc.. - Action: ceased to be director - Role: Director source text: all members of the CarLotz board of directors (the “ Board ”), Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change David R. Mitchell departed as Director at CarLotz, Inc.. - Action: ceased to be director - Role: Director source text: all members of the CarLotz board of directors (the “ Board ”), Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Elizabeth Sanders resigned as other_named_officer at CarLotz, Inc.. - Action: resigned source text: the resignations of CarLotz’s executive officers, Lev Peker, Ozan Kaya, Eugene Kovshilovsky, Thomas W. Stoltz and Elizabeth Sanders, became effective. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Lev Peker resigned as other_named_officer at CarLotz, Inc.. - Action: resigned source text: the resignations of CarLotz’s executive officers, Lev Peker, Ozan Kaya, Eugene Kovshilovsky, Thomas W. Stoltz and Elizabeth Sanders, became effective. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Luis Ignacio Solorzano departed as Director at CarLotz, Inc.. - Action: ceased to be director - Role: Director source text: all members of the CarLotz board of directors (the “ Board ”), Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Eugene Kovshilovsky resigned as other_named_officer at CarLotz, Inc.. - Action: resigned source text: the resignations of CarLotz’s executive officers, Lev Peker, Ozan Kaya, Eugene Kovshilovsky, Thomas W. Stoltz and Elizabeth Sanders, became effective. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change James E. Skinner departed as Director at CarLotz, Inc.. - Action: ceased to be director - Role: Director source text: all members of the CarLotz board of directors (the “ Board ”), Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Ozan Kaya resigned as other_named_officer at CarLotz, Inc.. - Action: resigned source text: the resignations of CarLotz’s executive officers, Lev Peker, Ozan Kaya, Eugene Kovshilovsky, Thomas W. Stoltz and Elizabeth Sanders, became effective. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Executive change Linda B. Abraham departed as Director at CarLotz, Inc.. - Action: ceased to be director - Role: Director source text: all members of the CarLotz board of directors (the “ Board ”), Linda B. Abraham, Steven G. Carrel, Nanxi Liu, David R. Mitchell, Kimberly H. Sheehy, James E. Skinner and Luis Ignacio Solorzano, ceased to be directors of CarLotz. evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Governance Changes CarLotz, Inc.: The Amended and Restated Bylaws were amended and restated to conform to the bylaws of Merger Sub, except that the name was changed to CarLotz, Inc. - Change: bylaw amendment source text: (ii) the Amended and Restated Bylaws of the Company were amended and restated to conform to the bylaws of Merger Sub, except that the name reflected in such bylaws was changed to "CarLotz, Inc." evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - Governance Changes CarLotz, Inc.: The Second Amended and Restated Certificate of Incorporation was amended and restated to conform to Exhibit D attached to the Merger Agreement. - Change: charter amendment source text: (i) the Second Amended and Restated Certificate of Incorporation of the Company was amended and restated to conform to Exhibit D attached to the Merger Agreement; evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm - M&A Transactions CarLotz, Inc. underwent a change of control involving Shift Technologies, Inc. for 0.705241 of a share of Shift Common Stock per share of CarLotz Common Stock (closed 2022-12-09). - Action: change of control - Counterparty: Shift Technologies, Inc. - Consideration: 0.705241 of a share of Shift Common Stock per share of CarLotz Common Stock - Closing: 2022-12-09 source text: CarLotz Common Stock ”) (other than CarLotz Common Stock owned or held in treasury by CarLotz, which was cancelled for no consideration) was converted into the right to receive 0.705241 (the “ Exchange Ratio ”) of a share of Class A common stock, par value $0.0001 per share, of Shift (“ Shift Common Stock ”), rounded up to the nearest whole share for any evidence_url: https://www.sec.gov/Archives/edgar/data/1759008/000121390022078786/0001213900-22-078786-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.