On March 14, 2023, IAA, Inc. announced that its stockholders have adopted the previously announced merger agreement providing for the stock and cash acquisition of the Company by Ritchie Bros. Auctioneers Incorporated at the special meeting of stockholders held on March 14, 2023. The Company stated that in a separate special meeting of shareholders held on March 14, 2023, based on a preliminary vote count, Ritchie Bros.

shareholders also voted to approve all proposals necessary to consummate the transaction. The Company added that accordingly, all stockholder and regulatory approvals required to consummate the transaction have now been obtained. The Company also stated that under the terms of the merger agreement, IAA stockholders will receive$12.80 per share in cash and 0.5252 common shares of Ritchie Bros.

for each share of IAA common stock they own. The Company added that upon completion of the transaction, the parties expect that on a fully diluted basis IAA stockholders will own approximately 37.2% of the combined company and Ritchie Bros. shareholders will own approximately 62.8%.