Carvana Co. (CVNA) Announces Proposed 5M Class A Share Common Offering

Carvana Co. (NYSE: CVNA) today announced that it has commenced a public offering of its Class A common stock. Carvana is proposing to sell 5,000,000 shares of Class A common stock. The underwriters will offer the shares from time to time for sale in negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The last reported sales price of Carvana’s Class A common stock on May 18, 2020 was $98.59 per share.

Citigroup and Wells Fargo Securities will act as book-running managers for the proposed offering.

Carvana intends to use the net proceeds from the public offering of Class A common stock for general corporate purposes. Carvana may use a portion of the net proceeds from the offering to partially repay borrowings under its floor plan facility until it identifies other specific uses.

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