ACV Auctions (ACVA) Shares Skyrocket, What You Need To Know

Shares of online used car auction platform ACV Auctions (NYSE:ACVA) jumped 43.5% in the morning session after Copart and ACV announced a definitive agreement under which Copart will acquire all outstanding shares of ACV for $10.50 per share in cash. According to a Form 8-K filed with the U.S. Securities and Exchange Commission, ACV entered into the Agreement and Plan of Merger with Copart and its wholly owned subsidiary, Apple Merger Sub, Inc., formalizing the terms of the buyout. The transactio