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Online used car marketplace Shift has filed for Chapter 11 bankruptcy and is beginning the process of shutting down its business. The company, which went public through a SPAC merger in 2020, sold part of its holding in the payment business for less than half of expectations. Shift's financial struggles have led to concerns about its ability to survive. The bankruptcy filing has implications for the company's stock and investors.
Online used car marketplace Shift files for Chapter 11 bankruptcy and begins the process to shut down its business, after going public via a SPAC merger in 2020 (@kirstenkorosec / TechCrunch) https://t.co/yDSNvrv2y8 š« Subscribe: https://t.co/OyWeKSRpIM https://t.co/sc8qznF4bM
What drove online used car marketplace Shift to file for bankruptcy: https://t.co/FHb2wPDZ55 by TechCrunch #infosec #cybersecurity #technology #news
What drove online used car marketplace Shift to file for bankruptcy https://t.co/uyLrOeSq0b by @kirstenkorosec
Shift has parked its online used car sales business at the junkyard. Here's what its pothole of debt means for its stock and investors. https://t.co/RrxFh0k32h
Shift has parked its online used car sales business at the junkyard. Here's what its pothole of debt means for its stock and investors. https://t.co/v0gng4tJPd
The company, which has said it may not be able to survive as a going concern, sold part of its holding in the payment business for less than half of expectations. https://t.co/FNVLh1RW5y