---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-081257"
form_type: "8-K"
ticker: null
cik: "0001762322"
company_name: "SHIFT TECHNOLOGIES, INC."
filed_at: "2023-10-10T23:59:59+00:00"
generated_at: "2026-06-10T02:35:17.386206+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Shift Technologies files Chapter 11 bankruptcy, winds down operations

## Summary
- Filed voluntary Chapter 11 petition on Oct 9, 2023; all stores and website closed.
- Debt accelerated on $4.75% convertible notes due 2026, SoftBank notes, and inventory financing.
- Failed to reach restructuring agreement with noteholders; DIP financing proposal declined.
- Expected Nasdaq delisting; common stock likely to have little or no recovery for stockholders.
- Will use cash on hand and wholesale inventory liquidation to fund the wind-down process.

## SEC filing metadata
- accession: 0001213900-23-081257
- form_type: 8-K
- cik: 0001762322
- company_name: SHIFT TECHNOLOGIES, INC.
- filed_at: 2023-10-10T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.03, 2.04, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1762322/000121390023081257/0001213900-23-081257-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1762322/000121390023081257/ea186500-8k_shifttech.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-081257
- JSON: https://secwatch.observer/filing/0001213900-23-081257.json
- Plain text: https://secwatch.observer/filing/0001213900-23-081257.txt

## Key facts
- Debt Financings
  SHIFT TECHNOLOGIES, INC. faced acceleration on senior notes with SoftBank at 6.00% maturing 2025.
  - Instrument: senior notes
  - Counterparty: SoftBank
  - Rate: 6.00%
  - Maturity: 2025
  - Event: acceleration
  source text: 6.00% Senior Unsecured Notes due 2025 (the “SoftBank Notes”) issued under that certain Note Purchase Agreement, dated as of May 11, 2022, by and between the Company, as issuer, certain of the Company’s subsidiaries party thereto, as guarantors, and SoftBank, as purchaser;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1762322/000121390023081257/0001213900-23-081257-index.htm
- Debt Financings
  SHIFT TECHNOLOGIES, INC. faced acceleration on credit facility with Ally Bank and Ally Financial Inc..
  - Instrument: credit facility
  - Counterparty: Ally Bank and Ally Financial Inc.
  - Event: acceleration
  source text: The Inventory Financing and Security Agreement, dated as of December 9, 2021, as amended, by and among the Company, certain of the Company’s subsidiaries party thereto, Ally Bank and Ally Financial Inc.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1762322/000121390023081257/0001213900-23-081257-index.htm
- Debt Financings
  SHIFT TECHNOLOGIES, INC. faced acceleration on convertible notes with U.S. Bank National Association at 4.75% maturing 2026.
  - Instrument: convertible notes
  - Counterparty: U.S. Bank National Association
  - Rate: 4.75%
  - Maturity: 2026
  - Event: acceleration
  source text: The filing of the Chapter 11 Cases constitutes an event of default that accelerated the obligations of the Company Parties under the following debt instruments and agreements (collectively, the “Debt Instruments”): ● The Company’s 4.75% Convertible Senior Notes due 2026 (the “Convertible Notes”) issued under that certain Indenture, dated as of May 27, 2021, by and between the Company, as issuer, and U.S. Bank National Association, as trustee (the “Indenture”);
  evidence_url: https://www.sec.gov/Archives/edgar/data/1762322/000121390023081257/0001213900-23-081257-index.htm
- Distress & Bankruptcy
  SHIFT TECHNOLOGIES, INC. entered chapter 11 in U.S. Bankruptcy Court for the Northern District of California (petition 2023-10-09).
  - Proceeding: chapter 11
  - Court: U.S. Bankruptcy Court for the Northern District of California
  - Petition: 2023-10-09
  source text: Shift Technologies, Inc. (the “Company”) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) commenced bankruptcy cases (the “Chapter 11 Cases”) by filing voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Northern District of California (the “Bankruptcy Court”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1762322/000121390023081257/0001213900-23-081257-index.htm

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