Carvana Co.
Carvana Terminates Tax Asset Preservation Plan and Modifies Security Holder Rights
Summary
On June 3, 2024, Carvana Co. determined that its Tax Asset Preservation Plan was no longer necessary and set a Final Expiration Date of June 4, 2024, leading to its termination. As a result, the Company filed a Certificate of Elimination to eliminate and return to authorized but undesignated shares, its Series B Preferred Stock, effective June 5, 2024. Additionally, on June 6, 2024, Carvana announced that it repurchased and cancelled $250 million face principal amount of its Senior Secured Notes and sold approximately 3 million shares of its Class A Common Stock, reaffirming its Q2 outlook.
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About Carvana Co.
Carvana Co. is a renowned e-commerce platform dedicated to the buying and selling of used cars. Revolutionizing the automotive retail space, Carvana allows consumers to browse, buy, finance, and trade in vehicles entirely online, making car shopping accessible and convenient. A unique feature of Carvana’s offering is its car vending machines, which provide an innovative and contactless vehicle delivery experience. Primarily catering to the consumer auto sales sector, Carvana has built a significant presence in the United States, aiming to simplify the car purchasing process with its user-friendly website and mobile app. Established in 2012, Carvana has rapidly expanded its inventory and logistical capabilities, positioning itself as a major player in the used car market. By leveraging technology to streamline operations and enhance customer experience, Carvana continues to influence how consumers engage with vehicle purchases, marking a notable shift from traditional car dealership models to comprehensive digital solutions. Its approach reflects broader trends in e-commerce and consumer preferences for virtual transaction efficiencies.
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