Business
Clover Health and Social Capital Hedosophia Holdings Corp. III Announce Closing of Business Combination
Clover Health Class A Common Stock to Begin Trading on Nasdaq as “CLOV” on January 8, 2021 NASHVILLE, Tenn. & PALO ALTO, Calif.--(BUSINESS WIRE)-- Clover
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"\nClover Health Class A Common Stock to Begin Trading on Nasdaq as “CLOV” on January 8, 2021\n\n NASHVILLE, Tenn. & PALO ALTO, Calif.--(BUSINESS WIRE)--\nClover Health Investments, Corp. (“Clover”), an innovative technology company improving health outcomes for America's seniors, and Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) (\"SCH\"), a publicly traded special purpose acquisition company, today completed their previously announced business combination to form one of the nation’s fastest growing publicly-traded Medicare Advantage insurers. The newly formed company is named Clover Health Investments, Corp. (“Clover Health” or the “Company”) and its shares of Class A common stock and warrants will start trading on The Nasdaq Global Select Market (“Nasdaq”) under the new ticker symbols “CLOV” and “CLOVW,” respectively.\n\nThe business combination, which has an enterprise value of approximately $3.7 billion, will provide significant capital for the Company to scale and improve health outcomes for seniors across the United States. SCH shareholders approved the transaction at an extraordinary general meeting on January 6, 2021.\n\n“Today marks an important milestone in Clover Health’s mission to improve every life by enabling improved clinical decision making and achieving affordability in healthcare in the U.S.,” said Vivek Garipalli, CEO and Co-Founder of Clover Health. “As a public company, we will continue to pioneer a fundamentally different approach in the Medicare Advantage and Medicare space – investing in technology and partnering closely with physicians to help them make critical decisions for their patients at the point of care – with an overarching commitment to creating value for all stakeholders.”\n\nChamath Palihapitiya, CEO and Founder of SCH, said: \"On behalf of the SCH team, I am thrilled to announce the closing of this transaction and bring Clover Health to the public markets. Vivek, Andrew and their team have created a next-generation Medicare Advantage company that combines wide access to healthcare with a technology-enabled operating model. We are confident that Clover Health will continue to empower physicians to deliver better care and better outcomes for all its members and look forward to partnering with them in this next stage of growth.”\n\nClover’s management team, led by CEO and Co-Founde...