Shift Technologies pays $3.6 million within 30-day grace period

By William Gullotti

Buffalo, N.Y., June 15 – Shift Technologies Inc. paid an approximately $3.6 million interest payment to holders of its $150 million 4.75% convertible notes due 2026 on June 13, according to an 8-K filing with the Securities and Exchange Commission.

The company exercised its contractual 30-day grace period for the payment due May 15 and made the payment within the grace period.

The filing further stated that the company and its advisers are continuing to communicate with debt holders to explore restructuring options but have yet to reach an agreement.

The Rule 144A notes were issued May 27, 2021 with a fully exercised greenshoe.

Shift Technologies is a San Francisco-based used car e-commerce platform.

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