Vroom Announces Third Quarter 2024 Results
Vroom, Inc. (VRM)
Company Research
Source: Business Wire
Reaches an Agreement to Recapitalize DebtPositions the Company for Long-Term Growth NEW YORK--(BUSINESS WIRE)--Vroom, Inc. (Nasdaq:VRM) today announced financial results for the third quarter ended September 30, 2024.HIGHLIGHTS OF THIRD QUARTER 2024$51.1 million cash and cash equivalents as of September 30, 2024$32.9 million of liquidity available to UACC under the warehouse credit facilities$(37.7) million net loss from continuing operations$(25.5) million Adjusted EBITDA1Entered into an agreement to restructure $290 million of unsecured convertible notes, into equity through a prepackaged Chapter 11 case.Tom Shortt, the Company’s Chief Executive Officer, said, “Since winding down our ecommerce used automotive dealer business, we have been focused on maximizing the value of our remaining assets for our stakeholders. We believe eliminating our unsecured notes will significantly strengthen our balance sheet and allow us to emerge without any long-term debt at Vroom, Inc., while its
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VRM
News
- Car Financing Firm Vroom Files for Chapter 11 in Texas [Yahoo! Finance Canada]Yahoo! Finance Canada
- Vroom Announces Equity-for-Debt RecapitalizationBusiness Wire
- Vroom Released Long-term Strategic PlanBusiness Wire
VRM
Sec Filings
- 11/14/24 - Form SC
- 11/13/24 - Form 8-K
- 11/12/24 - Form 10-Q
- VRM's page on the SEC website