Carvana Approves Five-for-One Stock Split
Carvana announced that its board of directors approved a five for one split of its common stock. The split is designed to ensure that earning and buying whole shares of Carvana stock is within reach for all of its team members. Carvana intends to effect the stock split and a corresponding increase in authorized shares through an amendment of its Certificate of Incorporation, which will be submitted for approval of Carvana's stockholders. If stockholders approve the Certificate of Incorporation amendment at the company's annual meeting of stockholders on May 5, each record holder of Class A and Class B common stock as of the close of market on May 6 will receive four additional shares of common stock. No action by stockholders is required to receive the additional shares. Trading is expected to commence on a split-adjusted basis at the market open on May 7 under the company's existing trading symbol (CVNA).
