Stock Alert: Shift Technologies Climbs 18% After Commencing Exchange Offer

(RTTNews) - Shares of Shift Technologies Inc. (SFT), an e-commerce platform for buying and selling used cars, are gaining more than 18 percent or $1.65 in Friday's morning trade at $10.64.

Thursday, Shift Technologies said it commenced an offer to exchange relating to its outstanding publicly traded warrants. The company is offering to exchange 0.25 shares of its Class A common stock and $1.00 in cash, without interest, for each public warrant tendered. The offer will expire on December 23, 2020.

Concurrently with the offer, Shift Technologies is soliciting consents from holders of the public warrants to agree to convert the warrants into a combination of 0.225 shares of its Class A Common Stock and $0.90 in cash.

Shift Technologies has traded in a range of $6.40 to $12.75 in the past 52 weeks.