EverQuote Announces $15 Million Private Placement Investment by Chairman and Co-Founder

About this update from Everquote, Inc.

[{"type":"text","content":"CAMBRIDGE, Mass., Feb. 23, 2022 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced that it has signed an agreement for a $15 million private placement investment by Recognition Capital, LLC, an entity which is owned and controlled by David Blundin, Chairman of the Board of Directors and Co-Founder of EverQuote and a longtime investor in the company. “We are pleased that our Chairman and Co-Founder has chosen to invest in our business, reiterating confidence in our company’s market opportunity, long-term growth strategy and management team,” commented Jayme Mendal, EverQuote’s Chief Executive Officer. “This investment will help support our growth as we build towards our long-term vision of becoming the largest online source of insurance policies by using data and technology to make insurance simpler, more affordable, and personalized.” Under the terms of the purchase agreement, Recognition Capital, LLC has agreed to purchase 1,004,016 shares of EverQuote’s Class A Common Stock at a price of $14.94 per share, which is equal to the closing price of the Class A Common Stock on the Nasdaq Global Market on February 22, 2022, for an aggregate purchase price of $15.0 million. EverQuote intends to use the net proceeds of the private placement for working capital and general corporate purposes. The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Safe Harbor Statement Any statements in this press release about future expectations, plans and prospects for EverQuote, Inc. (“EverQuote” or the “Company”), including statements about the potential sale of Class A Common Stock in the private placement, the anticipated use of process from the private placement and oth...

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