CHICAGO, June 3, 2019 /PRNewswire/ -- Cars.com Inc.
(NYSE: CARS), a leading digital automotive marketplace, today
announced that the Board of Directors of the Company has determined
to further extend until 5:00 p.m. Central
Time on August 6, 2019, the
deadline for the proper written notice of the nomination of
director candidates to the Company for its 2019 annual meeting of
stockholders. Notice of the extension will also be set forth in a
Form 8-K to be filed by the Company today. The date and location of
the 2019 annual meeting of stockholders of the Company have yet to
be established. The extension is being made following discussions
with Starboard Value L.P.
![Cars.com Logo Cars.com Logo](https://mma.prnewswire.com/media/429255/Carscom_Logo.jpg)
The Company's previously announced process to explore strategic
alternatives is ongoing and we continue to engage with multiple
parties. The Company has not set a timetable for the conclusion of
its exploration of strategic alternatives, and it does not intend
to comment further unless the Board has approved a specific course
of action or the Company has otherwise determined that further
disclosure is appropriate or required by law.
About Cars.com
Cars.com™ is a leading two-sided digital automotive marketplace
that creates meaningful connections between buyers and sellers.
Launched in 1998 and headquartered in Chicago, the company empowers consumers with
resources and information to make informed buying decisions and
enables advertising partners with innovative digital solutions and
data-driven intelligence to increase inventory turn and gain market
share. A pioneer in online automotive classifieds, the company has
evolved into one of the largest digital automotive platforms,
connecting thousands of local dealers across the country with
millions of consumers. In 2018, Cars.com acquired Dealer Inspire®,
a company that builds technology that helps future-proof
dealerships for changing consumer behaviors and makes the car
buying process faster and easier.
Cars.com properties include DealerRater®, Dealer Inspire®,
Auto.com™, PickupTrucks.com® and NewCars.com®. For more
information, visit www.Cars.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical facts
are forward-looking statements. Forward-looking statements include
information concerning our business strategies, strategic
alternatives review process, plans and objectives and other
matters. These statements often include words such as "believe,"
"expect," "project," "anticipate," "consider," "explore,"
"potential," "intend," "plan," "estimate," "target," "seek,"
"will," "may," "would," "should," "could," "forecasts," "mission,"
"strive," "more," "goal" or similar expressions. Forward-looking
statements are based on our current expectations, beliefs,
estimates, projections and assumptions, based on our experience in
the industry as well as our perceptions of historical trends,
current conditions, expected future developments and other factors
we think are appropriate. These statements are expressed in good
faith and we believe these judgments are reasonable. However, you
should understand that these statements are not guarantees of
performance or results. Our actual results and strategic actions
could differ materially from those expressed in the forward-looking
statements. Given these uncertainties, forward-looking statements
should not be relied on in making investment decisions.
Forward-looking statements are subject to a number of risks,
uncertainties and other important factors, many of which are beyond
our control, that could cause our actual results and strategic
actions to differ materially from those expressed in the
forward-looking statements contained in this press release. There
can be no assurance that the strategic alternatives review process
will result in a sale of the Company or other strategic change or
outcome. For a detailed discussion of many of these and other risks
and uncertainties, see our Annual Report on Form 10-K, as amended,
for the period ended December 31,
2018, our Quarterly Report on Form 10-Q for the period ended
March 31, 2019 and our Current
Reports on Form 8-K and our other filings with the Securities and
Exchange Commission. All forward-looking statements contained in
this press release are qualified by these cautionary statements.
The forward-looking statements contained in this press release
speak only as of the date of this press release. We undertake no
obligation, other than as may be required by law, to update or
revise any forward-looking or cautionary statements to reflect
changes in assumptions, the occurrence of events, unanticipated or
otherwise, or changes in future operating results over time or
otherwise.
The forward-looking statements in this press release are
intended to be subject to the safe harbor protection provided by
the Federal securities laws.
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SOURCE Cars.com