Financing ·
On August 31, 2026, Root, Inc. and Carvana Group, LLC entered into a Warrant Cancellation and Exchange Agreement to…
ROOTRoot, Inc.
On August 31, 2026, Root, Inc. and Carvana Group, LLC entered into a Warrant Cancellation and Exchange Agreement to restructure existing equity instruments. Carvana surrendered all outstanding long-term warrants issued in October 2021, which Root cancelled simultaneously with the issuance of a new Common Stock Purchase Warrant (the "New Warrant"). If fully exercised for cash, the New Warrant allows Carvana to purchase up to 1,525,560 shares of Class A Common Stock, divided into five tranches of 305,112 shares each. Exercise is subject to conditions tied to insurance sales milestones through their Integrated Platform. Root also amended its Commercial Agreement, Investment Agreement, and Registration Rights Agreement with Carvana on the same date to reflect these changes. Root, Inc. operates in the automotive insurance industry, providing usage-based car insurance products.