Summary
Carvana Co. (CVNA) filed a Current Report on Form 8-K on May 20, 2020, detailing the completion of a public offering of 5,000,000 shares of Class A common stock on May 21, 2020. The offering was conducted under an Underwriting Agreement with Citigroup Global Markets Inc. and Wells Fargo Securities, LLC, as underwriters, and was made pursuant to an existing Form S-3ASR registration statement. The net proceeds from this offering are intended for general corporate purposes, including potentially reducing borrowings under the company's floor plan facility until alternative uses are identified.
Key Highlights
- 1Carvana Co. successfully completed a public offering of 5,000,000 shares of Class A common stock.
- 2The offering generated net proceeds intended for general corporate purposes.
- 3A portion of the net proceeds may be used to pay down borrowings under the company's floor plan facility.
- 4The offering was conducted under an Underwriting Agreement dated May 18, 2020.
- 5The shares were offered pursuant to an existing Form S-3ASR registration statement filed in 2019.
- 6The filing includes exhibits such as the Underwriting Agreement and a press release announcing the offering.
Frequently Asked Questions
The primary purpose of this 8-K filing was to report on the completion of Carvana Co.'s public offering of 5,000,000 shares of Class A common stock and to disclose the material definitive agreement related to this offering.
Carvana Co. intends to use the net proceeds from the offering for general corporate purposes. They may also use these proceeds to pay down a portion of the borrowings under their floor plan facility until other specific uses are identified.
The underwriters for this public offering were Citigroup Global Markets Inc. and Wells Fargo Securities, LLC.
No, the offering was made pursuant to an automatically effective registration statement on Form S-3ASR that was filed with the SEC in May 2019, indicating it was not a new registration but an offering under an existing shelf registration.