SAN FRANCISCO, Sept. 14, 2020 /PRNewswire/ -- Shift
Technologies Inc. ("Shift"), an e-commerce platform on a mission to
make car-buying convenient, fair, and accessible for everyone,
which has entered into a definitive merger agreement with Insurance
Acquisition Corp (Nasdaq:INSU), a special purpose acquisition
company (SPAC), today announced it will attend a webinar hosted by
SPACInsider on September 14, 2020 at
1:00 p.m. EDT. Attending from Shift
are Co-CEO and founder George
Arison, CFO Cindy Hanford, VP
of Strategy & Finance Henry
Bird, along with INSU Chairman Daniel Cohen.
The webinar for this event can be accessed at
https://zoom.us/webinar/register/3115996528402/WN_6g0CyFWxTau1xuyXmrtvjQ
About Shift
Shift is an e-commerce platform on a mission to make car-buying
convenient, fair, and accessible for everyone. With instant quotes
and at-home pickup, Shift saves sellers time and money. Buyers have
access to Shift's bookable at-home test drives and white glove
service. Shift's 150+-point inspection and seven-day return
guarantee help consumers buy and sell with confidence. Since
raising its Series A in 2014 co-led by Emily Melton (Threshold, formerly DFJ) and
Manish Patel (Highland Capital),
Shift has raised equity from investors including Alliance Ventures,
BMW iVentures, certain funds managed by Goldman Sachs Asset
Management L.P., G2VP, DCM, Lithia and others. For more information
please visit https://shift.com/.
About Insurance Acquisition Corp.
Insurance Acquisition Corp. is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination. Insurance Acquisition Corp. raised $150.6M in its initial public offering in
March 2018. The company's securities
are quoted on the NASDAQ stock exchange under the ticker symbols
INSU, INSUW and INSUU.
Caution Regarding Forward Looking Statements
This
document includes "forward looking statements" within the meaning
of the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"forecast," "intend," "seek," "target," "anticipate," "believe,"
"expect," "estimate," "plan," "outlook," and "project" and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward looking statements include estimated financial information.
Such forward looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the
businesses of Insurance Acquisition Corp., Shift Technologies, Inc.
or the combined company after completion of the business
combination are based on current expectations that are subject to
risks and uncertainties. A number of factors could cause actual
results or outcomes to differ materially from those indicated by
such forward looking statements. These factors include, but are not
limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the
Agreement and Plan of Merger and the proposed business combination
contemplated thereby; (2) the inability to complete the
transactions contemplated by the Agreement and Plan of Merger due
to the failure to obtain approval of the stockholders of Insurance
Acquisition Corp. or other conditions to closing in the Agreement
and Plan of Merger; (3) the ability to meet Nasdaq's listing
standards following the consummation of the transactions
contemplated by the Agreement and Plan of Merger; (4) the risk that
the proposed transaction disrupts current plans and operations of
Shift Technologies, Inc. as a result of the announcement and
consummation of the transactions described herein; (5) the ability
to recognize the anticipated benefits of the proposed business
combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; (6) costs
related to the proposed business combination; (7) changes in
applicable laws or regulations; (8) the possibility that Shift
Technologies, Inc. may be adversely affected by other economic,
business, and/or competitive factors; and (9) other risks and
uncertainties indicated from time to time in other documents filed
or to be filed with the Securities and Exchange Commission ("SEC")
by Insurance Acquisition Corp. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Insurance Acquisition Corp. and Shift
Technologies, Inc. undertake no commitment to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law.
Disclaimer
This release shall neither constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
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SOURCE Shift