OPENLANE to Repurchase 53% of Series A Convertible Preferred Stock

Core Viewpoint - OPENLANE, Inc. has reached definitive agreements to repurchase 53% of its Series A Convertible Preferred Stock for approximately $559 million, significantly reducing the preferred shares held by major investors [1][2]. Group 1: Transaction Details - The repurchase will decrease preferred shares held by Apax Partners by about 50% and by Periphas Capital by approximately 80% [1]. - The repurchase price is set at $29.70 per share of common stock on an as-converted basis, which includes the value for future dividends associated with those preferred shares [1]. Group 2: Company Performance and Strategy - The CEO of OPENLANE highlighted that strategic investments since 2020 have been beneficial, leading to a strong return for investors and enhancing the company's growth and technology leadership [2]. - The company has undergone a transformation, simplifying its operations and extending its digital marketplace capabilities, making it a compelling opportunity for investors [2]. Group 3: Future Outlook - The repurchase transactions are expected to close between September 30, 2025, and October 20, 2025 [3]. - Further details regarding the agreements will be disclosed in a Form 8-K filing by the company [3].