On January 18, 2023, Luxor Capital Group LP, announced that it has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with its opposition to proposals to be presented at the coming special meeting of Ritchie Bros. shareholders relating to Ritchie Bros.' proposed merger with IAA Inc. At the Special Meeting, Luxor intends to vote against the proposal to approve the issuance of the Company common shares to IAA stockholders in connection with the IAA Merger and against the proposal to adjourn the Special Meeting, if necessary or appropriate, to solicit additional proxies if there are not sufficient votes to approve the share issuance proposal.

In addition, Luxor Capital stated that it has filed a preliminary proxy statement with the SEC and intends to file a definitive proxy statement and accompanying its proxy card with the Securities and Exchange Commission to be used to solicit proxies in connection with a special meeting of the shareholders of the Company, a Company organized under the federal laws of Canada.