Clover Health Investments, Corp. Announces the Results of the Completed Redemption of All Outstanding Warrants
15 9월 2021 - 5:05AM
Clover Health Investments, Corp. (Nasdaq: CLOV), ("Clover Health"
or the "Company"), a technology company committed to improving
health equity for America’s underserved seniors, today announced
the results of the completed redemption of all of its outstanding
warrants (the "Public Warrants") to purchase shares of the
Company's common stock, par value $0.0001 per share (the "Common
Stock"), that were issued under the Warrant Agreement, dated April
21, 2020, by and between the Company (f/k/a Social Capital
Hedosophia Holdings Corp. III) and Continental Transfer & Trust
Company (the "Warrant Agent"), as warrant agent (the "Warrant
Agreement"), as part of the units sold in the Company's initial
public offering (the "IPO"), and all of the Company's outstanding
warrants to purchase Common Stock that were issued under the
Warrant Agreement in a private placement simultaneously with the
IPO (the "Private Warrants and, together with the Public Warrants,
the "Warrants").
On July 22, 2021, the Company issued a press release stating
that it would redeem all of its outstanding Warrants that remained
outstanding on the redemption date for a redemption price of $0.10
per Warrant. On August 25, 2021, the Company announced that it was
extending the period during which the holders of the Public
Warrants could exercise such warrants to 5:00 p.m. New York City
time on September 9, 2021.
In connection with the redemption, 33,535 Public Warrants were
exercised for cash at an exercise price of $11.50 per share of
Common Stock, and 26,716,041 were exercised on a cashless basis in
exchange for an aggregate of 6,651,933 shares of Common Stock, in
each case in accordance with the terms of the Warrant Agreement,
representing approximately 97% of the Public Warrants. In addition,
all of the Private Warrants were exercised on a cashless basis in
exchange for an aggregate of 2,722,399 shares of Common Stock, in
accordance with the terms of the Warrant Agreement. Total cash
proceeds generated from exercises of the Warrants were $385,653. As
of September 13, 2021, the Company had no Warrants and 253,096,849
shares of Class A Common Stock outstanding.
In connection with the redemption, the Public Warrants stopped
trading on the Nasdaq Global Select Market and were delisted. The
redemption had no effect on the trading of the Company's Class A
Common Stock, which continues to trade on the Nasdaq Global Select
Market under the symbol "CLOV."
About Clover Health
Clover Health (Nasdaq: CLOV) is a next-generation risk-bearing
organization aiming to achieve health equity for all Americans.
While our mission is to improve every life, we particularly focus
on seniors who have historically lacked access to affordable high
quality healthcare.
Contact Information
Investor Relations:Derrick Nuemaninvestors@cloverhealth.com
Press Contact:Andrew Still-Baxterpress@cloverhealth.com
Clover Health Investments (NASDAQ:CLOVW)
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