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. SCH shareholders approved the transaction at an extraordinary general meeting on January 6, 2021. 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.
Clover Health is a healthcare technology company which uses its proprietary technology platform to collect, structure, and analyze health and behavioral data to improve medical outcomes and lower costs for patients. Clover has offices in San Francisco, Jersey City, Nashville and Hong Kong.