Carvana Adopts ‘Poison Pill,’ Sells $4 Billion of Auto Loans

Carvana Adopts ‘Poison Pill,’ Sells $4 Billion of Auto Loans
Carvana logo in an illustration taken on June 27, 2022. Dado Ruvic/Illustration/Reuters
|Updated:

Carvana Co. has adopted a “poison pill” to limit shareholders from raising their stakes and has reached an agreement to sell up to $4 billion of auto loans, the struggling used car retailer said on Tuesday.

The company’s shares gained 6.5 percent to $7.47 in afternoon trade.