Acamar Partners Acquisition (NASDAQ:ACAM) stock is soaring higher on Monday following positive news from SPAC merger partner CarLotz.
CarLotz is moving forward with plans to complete its merger with special purpose acquisition company (SPAC) Acamar Partners Acquisition later this month. The deal has already been approved and will see shares of LOTZ stock start trading on Jan. 22.
Keeping that in mind, CarLotz has announced a major expansion plan today that is boosting shares of ACAM stock higher. It plans to open a nationwide hub that will allow it to expand its reach in the used-vehicle market.
The expansion plan starts with CarLotz opening new locations in Lynnwood, Wash., and Orlando, Fla. The company plans to have these new facilities open by the time February starts.
CarLotz isn’t just stopping with these two new locations. The company also notes that it plans to open even more hubs as the year continues. This will have it opening facilities in Arizona, California, Colorado, Georgia, Massachusetts, Nevada, Tennessee, and Texas this year.
Michael Bor, co-founder and CEO of CarLotz, said this about the news boosting ACAM stock today.
Opening hubs in new markets presents a tremendous opportunity for CarLotz to gain ground in large and attractive regions of the country where the Company’s business model can make a real difference for car buyers and sellers. We plan to open three to four hub locations per quarter this year, which will make buying and selling more lucrative and convenient for our clients and guests.”
CarLotz initially announced its plans to go public via a SPAC merger back in October. The deal is set to value the combined company at $827 million and will also grant it $321 million in cash to make use of.
ACAM stock was up 336.6% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.