Carvana Co. (NYSE: CVNA) declared the upsize and pricing of its public offering of 15,625,000 shares of Class A common stock at an offering price of $80.00 per share to the general public. In the offering, Ernest Garcia, II, Ernie Garcia, III, Carvana’s Chief Executive Officer, and entities governed by one or both of them will buy a total of 5,400,000 shares of the Company’s Class A common stock.
The originally scheduled offering size of $1 billion in Class A common stock was increased. Subject to customary closing conditions, the offering is set to end on April 26, 2022. The offering’s book-running managers are Citigroup and J.P. Morgan Securities LLC. The profits generated from the public offering of Class A common stock will be used for general corporate purposes, according to Carvana.
Previously, Carvana Co. which has earned recognition as the leading e-commerce platform for buying and selling used cars, recently confirmed its willingness to offer $1 billion of its Class A common stock in a public offering recorded under the Securities Act of 1933, as revised, pertain to market and other conditions (the Securities Act).
Furthermore, only an effective registration statement is being used to make a public offering of Class A common stock (including a prospectus and a prospectus supplement). Citigroup Global Markets Inc. can provide a copy of the prospectus, the preliminary prospectus supplement, and, when available, the final prospectus supplement relating to the offering.