Roberts & Ryan was included as a Co-Manager in Vroom’s $550mm 0.75% Convertible notes due 2026.
Vroom is a New York City-based used car retailer and e-commerce company that enables consumers to buy, sell and finance cars online. Rather than functioning as a peer-to-peer marketplace, Vroom is an e-commerce service that handles the entire transaction with no haggle pricing. The company offers financing from more than 12 banks and delivers cars to customers nationwide.
The initial conversion rate is 17.8527 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $56.01 per share of common stock. The initial conversion price represents a premium of approximately 40% over the last reported sale of $40.01 per share of Vroom’s common stock on June 15, 2021.