Shift Announces Inaugural Trading on Nasdaq, Following the Close of its Business Combination, which Delivered $340 Million to Support Growth and Working Capital

SAN FRANCISCO, Oct. 15, 2020 (GLOBE NEWSWIRE) — Shift (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, has announced shares of its common stock have begun trading on the Nasdaq under the ticker symbol “SFT” and warrants under ticker symbol “SFTTW.”
“Trading on the Nasdaq represents an extremely exciting milestone for our company. We want to extend a huge thanks to the entire Shift team for their hard work and dedication, our amazing customers for their trust in us to deliver an exceptional experience, and to our shareholders for their support. We look forward to delivering shareholder value for years to come,” commented George Arison, Shift co-CEO.Toby Russell, Shift Co-CEO, added, “Shift’s completed business combination with Insurance Acquisition Corp. delivered net $300 million to fund future growth. We will continue to invest in our business and execute on our strategy to drive long-term growth. We have a massive market opportunity ahead of us and we are tremendously excited by the road ahead.”About ShiftShift is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. Shift’s mission is to make car purchase and ownership simple — to make buying or selling a used car fun, fair, and accessible to everyone. Shift provides comprehensive, digital solutions throughout the car ownership lifecycle: finding the right car, having a test drive brought to you before buying the car, a seamless digitally-driven purchase transaction including financing and vehicle protection products, an efficient, digital trade-in/sale transaction, and a vision to provide high-value support services during car ownership. For more information, visit www.shift.com.   Caution Regarding Forward Looking StatementsThis document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of Shift’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the risk that the business combination disrupts Shift’s current plans and operations; (2) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, Shift’s ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (3) costs related to the business combination; (4) changes in applicable laws or regulations; (5) the possibility that Shift may be adversely affected by other economic, business, and/or competitive factors; (6) the operational and financial outlook of Shift; (7) the ability for Shift to execute its growth strategy; and (8) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission (“SEC”) by Shift. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Shift undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.Investor Relations:
Mark Roberts, Blueshirt Capital Markets
IR@shift.comMedia Contact:
Jeff Fox, The Blueshirt Group
jeff@blueshirtgroup.com