Clover Health and Social Capital Hedosophia Holdings Corp. III Closes Business Combination
Summary
Clover Health Investments, Corp., a health technology company, and Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC), a publicly traded special purpose acquisition company founded by Chamath Palihapitiya, CEO, completed their previously announced business combination. The deal forms a publicly-traded Medicare Advantage insurer named Clover Health Investments, Corp. and its shares of Class A common stock and warrants started trading on The Nasdaq Global Select Market Trading on January 8, 2021, under the new ticker symbol “CLOV” for Clover Health Class A common stock and “CLOVW” for the Clover Health warrants. The business combination, which has an enterprise value of approximately $3.7 billion, will provide capital for the company to scale and improve health outcomes for seniors across the United States. Clover’s management team, led by CEO and Co-Founder Vivek Garipalli and President and Co-Founder Andrew Toy, will continue to lead the newly formed company. Chamath Palihapitiya, Founder and CEO of SCH, will act as a senior advisor to the Company’s management.