Clover Health, a Medicare Advantage insurer, is planning to become publicly traded through a merger with Social Capital Hedosophia Holdings Corp. III., a special purpose acquisition company (SPAC). The Clover Health-Social Capital Hedosophia transaction is slated to close in the first quarter of 2021. It values Clover Health at $3.7 billion. Clover Health’s leadership team will continue to serve in their roles. Chamath Palihapitiya, founder and chief executive officer of Social Capital Hedosophia, will join Clover Health as a senior advisor to the management team.
Clover Health is a San Francisco-based Medicare Advantage insurer. Its in-home care model uses technology, including data analytics and machine learning, to identify its highest-risk members. It has 57,000 members across seven states. By going public, Clover Health intends to gain capital to scale its operations.
Social Capital Hedosophia Holdings was formed as a SPAC to help other companies become publicly traded. SPACs provide an alternative path to a traditional initial public offering (IPO) for disruptive and agile technology companies to achieve their long-term objectives
This was reported by Clover Health on October 6, 2020.
Contact information: Andy Robinson, Media Contact, Clover Health, Post Office Box 471, Jersey City, New Jersey 07303; 888-778-1478; Email: email@example.com; Website: https://www.cloverhealth.com/
Contact information: Social Capital Hedosophia Holdings Corp., 317 University Avenue, Suite 200, Palo Alto, California 94301; Website: http://www.socialcapitalhedosophiaholdings.com/; or Sara Evans / Kerry Golds, Media Contacts at Finsbury for Social Capital Hedosophia Holdings Corp; 917-344-9279 / 646-957-2279; Email: firstname.lastname@example.org / email@example.com; Website: http://www.socialcapitalhedosophiaholdings.com/;