and Nebula Acquisition Corporation Announce Business Combination Agreement
Summary
In addition to the $275 million of cash held in Nebulas trust account (assuming no redemptions), additional investors have committed to participate in the transaction through a $200 million private placement of common stock at $10.00 per share anchored by True Wind and several noteworthy and leading fundamental investors.Open Lending is a lending enablement platform for the automotive finance market powered by proprietary data, advanced decisioning analytics, an innovative insurance structure and scaled distribution. To facilitate the transaction and maximize future public market performance, Nebulas sponsor and management team have agreed to forfeit all of their founder warrants and Nebula intends to launch a solicitation to retire all outstanding public warrants.John Flynn, Co-Founder, President, and CEO of Open Lending, commented, "We are immensely proud of Open Lendings accomplishments since our founding over 15 years ago, and we are excited to lead the next stage of development alongside the True Wind team. "Adam Clammer, Co-CEO of Nebula and Founding Partner of True Wind, said, "Open Lendings ability to demonstrate consistent organic growth and high levels of profitability represents an exciting investment opportunity within the risk-based analytics ecosystem. On the concurrent debt financing, UBS Investment Bank is acting as sole arranger.At 10:00am ET on January 6, 2020, Nebula will be holding an investor conference call to discuss the transaction. Once connected with the operator, please provide the Conference ID number of 269278 and request access to the Nebula and Open Lending Investor Call.A replay of the call will also be available from 1:00pm ET on January 6, 2020, until 11:59pm ET on March 31, 2020.