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Photo: Julian Stratenschulte/picture alliance via Getty Image

Vroom, a New York City-based online marketplace for used cars, has filed to go public on the Nasdaq under the ticket symbol "VRM."

Why it matters: Vroom's move comes at a time when many other tech companies are holding off on their big public market debut.

Financials: The company is not profitable. For the year ended Dec. 31, 2019, it saw a net loss of $142.8 million on $1.2 billion in total revenue. The previous year, Vroom had a net loss of $84.95 million on $855.4 million in revenue.

Impact from COVID-19:

  • Between March 11 and March 31, Vroom saw a 15% decrease in total e-commerce revenue because of lower consumer demand compared to the 20 days prior.
  • Due to inventory price reductions that began in late March, the company says customer demand returned to pre-COVID-19 levels, though sales were at a greatly reduced gross profit per unit. On April 20, the company began acquiring new inventory from both auctions and consumers, with a focus on high-demand models.
  • As of May 3, about one-third of Vroom's workforce has been furloughed, and it has also instituted salary reduction for non-furloughed salaried employees.

The big picture: As regions begin to ease coronavirus restrictions, some experts predict an uptick in personal car usage amid ongoing concerns about taking public transit and ride-hailing services.

Go deeper

Palantir files to go public

Illustration: Eniola Odetunde/Axios

Palantir, the secretive data analysis software company known for working with governments, has filed to go public via a direct listing on the New York Stock Exchange.

The big picture: Palantir long eschewed going public until changing its tune recently. The company is also confirming recent rumors that it's choosing a rare alternative to the traditional IPO. Direct listings skip the underwriting process of an IPO, typically letting investors cash out shares without raising fresh capital for the company.

Asana files to go public via direct listing

Illustration: Sarah Grillo/Axios

Asana, the San Francisco-based company known for its project- and task-management software, has filed to go public via a direct listing on the New York Stock Exchange.

Why it matters: Despite Silicon Valley's spike in interest in the direct listing as an alternative to the traditional IPO, Asana will be only the third company to take that route after Spotify in 2018 and Slack last year.

23 mins ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.