In the early hours of Sunday morning, Carvana investors were told their stock would be listed on the NASDAQ in New York on the same day it was first listed in the US market in early December.
But that hasn’t happened yet.
The company said on its website that it has not received confirmation from NASDAQ that the listing is valid.”NASDAQ did not issue any confirmation on the registration of the listing,” it said.
Carvana had raised $20 billion in a round led by Andreessen Horowitz.
It is the world’s biggest venture fund.
Its investors include Tesla, Amazon, Facebook and others.
The company says it raised $50 million in a Series B round led in part by Kleiner Perkins Caufield & Byers in September 2016.
The shares closed down 0.5% to $18.80 on Monday.
“The stock is trading at a significant discount to its intrinsic value and is not trading at the levels that would be expected by the market,” said Peter Jankowski, the chief investment officer of Carvana.
“There is no guarantee that the IPO will succeed, nor does Carvana have any evidence that it will succeed,” he added.
Carota has a reputation for having the right mix of investors, he said.
“They have been investing in many of the same companies over the past three or four years,” he said, referring to investors including Andreessen, Sequoia Capital, and Andreessen-Horowitz, among others.