OPENLANE converts remaining Series A preferred stock

Key facts

• OPENLANE converted its remaining Series A Convertible Preferred Stock.
• Approximately 17 million shares of common stock were issued upon conversion.
• The conversion reduces the company's preferred stock obligations.

OPENLANE, Inc., a company operating digital marketplaces for wholesale used vehicles, has announced the conversion of its entire Series A Convertible Preferred Stock. This conversion resulted in the issuance of approximately 17 million shares of common stock. This move effectively eliminates the company's outstanding preferred stock, simplifying its capital structure and potentially improving its balance sheet by reducing preferred equity obligations.