Cazoo begins trading on NYSE, secures $1B in SPAC deal
British unicorn Cazoo that makes buying and selling cars online as easy as other products, has completed its business combination with Ajax I, a publicly traded special purpose acquisition company. Eventually, Cazoo Group begins trading on the New York Stock Exchange (“NYSE”) with its Class A ordinary shares and warrants trading under the new ticker symbols, “CZOO” and “CZOO WS” respectively.
This development follows the announcement that Cazoo will debut stock trading on NYSE in the third quarter of this year.
Cazoo trades on NYSE
As per the terms of the business combination agreement, AJAX and Cazoo have combined under a new holding company, Cazoo Group. It will receive proceeds of over $1 billion before expenses from the transaction build out its brand and infrastructure as it continues to transform the car buying and selling experience across the UK and mainland Europe.
The business combination was approved by AJAX’s board of directors and shareholders on August 18, 2021 with 95.57% of the votes cast in favour of the transaction.
Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “Today is an important and exciting day for Cazoo as we enter the public markets. Since we announced the transaction earlier this year, we have continued to see record growth in our revenues and gross profit, have brought our UK vehicle reconditioning in-house, providing full control of our operations and logistics and have started buying and reconditioning cars in mainland Europe ahead of our launch later this year. And we have launched a fully integrated all-inclusive monthly car subscription service in the UK as well as our car buying service to source inventory directly from consumers.
Daniel Och, Founder of AJAX said, “We are very pleased to close the business combination with Cazoo and to partner with Alex and his outstanding team. By leveraging data and technology, Cazoo is delivering a superior car buying and selling experience in the UK and mainland Europe and building a strong competitive moat. With the large and fragmented nature of the market and incredibly low digital penetration, Cazoo has multiple levers to drive its growth and long-term sustainable shareholder value as it transforms the market.”
Changes in Cazoo’s board
Cazoo will continue to be led by Founder & Chief Executive Officer, Alex Chesterman, along with the existing senior management team including Chief Financial Officer, Stephen Morana. Daniel Och, renowned US investor and Founder of AJAX, and Anne Wojcicki, founder of 23andMe, will also join the Cazoo Group board of directors along with Duncan Tatton-Brown (Audit Chair), Moni Mannings (Remuneration Chair), Luciana Berger (ESG Chair), Lord Rothermere (Non-Exec) and David Hobbs (Non-Exec) of D1 Capital Partners.