The latest announcement is out from Carvana Co (CVNA).
Carvana Co. has terminated its Tax Asset Preservation Plan, originally intended to protect tax attributes, as of June 4, 2024. In line with this, the company also eliminated its Series B Preferred Stock, converting it back to authorized but undesignated shares. Financially, Carvana has been active in the market, repurchasing a significant portion of its senior secured notes and selling shares to raise capital. They remain positive about their financial outlook, expecting growth in retail units and Adjusted EBITDA, as presented at the William Blair Annual Growth Stock Conference. These forward-looking statements, while indicative of Carvana’s plans, are subject to various market and economic risks.
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