", Chamath Palihapitiya, CEO and Founder of SCH, said: "On behalf of the SCH team, I am thrilled to announce the closing of this transaction and bring Clover Health to the public markets. Jefferies LLC also acted as financial advisor. Social Capital Hedosophia Holdings Corp. III will merge with Medicare insurer Clover Health in a deal valuing the latter firm at $3.7 billion, according to a Tuesday press release. This followed news that the special purpose acquisition company (SPAC) was effectively buying health insurance provider Clover Health in a deal valued at $3.7 billion. The stock price of Social Capital Hedosophia Holdings VCorp (NYSE: IPOE) has increased by 23.96% on Friday, January 29 despite a broader market selloff as it went from a previous close of $20.28 to $25.14. Social Capital Hedosophia Holdings Corp. III is a partnership between the investment firms of Social Capital and Hedosophia. All told, its policy holders number over 57,000. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Find real-time IPOE - Social Capital Hedosophia Holdings Corp. V stock quotes, company profile, news and forecasts from CNN Business. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Clover Health and Social Capital Hedosophia Holdings Corp. III Announce Closing of Business Combination Jan 7, 2021 Wish Strengthens Leadership … Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Clover has offices in San Francisco, Jersey City, Nashville and Hong Kong. Social Capital Hedosophia Holdings Corp. V is a special purpose acquisition company.It is one of the names that you can't ignore if you're dealing in the hottest commodity on Wall Street. "Today marks an important milestone in Clover Health’s mission to improve every life by enabling improved clinical decision making and achieving affordability in healthcare in the U.S.," said Vivek Garipalli, CEO and Co-Founder of Clover Health. The company was founded by Chamath Palihapitiya and Ian Osborne on July 10, 2020 and is … Social Capital Hedosophia Holdings is a partnership between the investment firms of Social Capital and Hedosophia. Citigroup acted as financial advisor, placement agent and capital markets advisor. Clover Health sells Medicare Advantage insurance plans in seven U.S. states. The deal is the latest SPAC acquisition -- which is really a sort of reverse initial public offering (IPO), as it brings a company public via an existing entity -- for busy financier Palihapitiya. This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the transaction between Clover and SCH, including statements regarding Clover Health’s business strategy, plans and objectives of management for future operations, including as they relate to the anticipated effects of the business combination and the listing of shares of Clover Health on Nasdaq. This parking of Clover Health into a SPAC will turn it into a publicly traded company. There may be multiple triggers that led to the stock price increase of Social Capital Hedosophia Holdings VCorp. A native New Yorker, he currently lives in Los Angeles. Connaught acted as financial advisor, Credit Suisse acted as placement agent and capital markets advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to SCH. As a privately held company, Clover Health doesn't disclose much about its finances -- perhaps that was a reason investors traded Social Capital Hedosophia Holdings III down so much on Tuesday. Market data powered by FactSet and Web Financial Group. We’re motley! IPOD is publicly traded today, and is trading at a 10% premium to NAV. Vivek, Andrew and their team have created a next-generation Medicare Advantage company that combines wide access to healthcare with a technology-enabled operating model. Clover uses its proprietary technology platform to collect, structure, and analyze health and behavioral data to improve medical outcomes and lower costs for patients. Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) ("SCH", and after the Domestication as described below, "Clover Health") today announced the pending transfer of … Social Capital Hedosophia II is a partnership between the investment firms of Social Capital and Hedosophia. Clover Health is a healthcare technology company with a deeply rooted mission of improving every life. Blueshirt Capital Advisors acted as capital markets advisor and Orrick, Herrington & Sutcliffe LLP acted as legal advisor to Clover. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. In this respect he's accurate, as the U.S. population is getting older as a whole, and in the years to come will surely require more insurance coverage. View source version on businesswire.com: https://www.businesswire.com/news/home/20210107005762/en/, Clover Health: MediaAndy Robinson / Andrew Still-BaxterClover Healthpress@cloverhealth.com +1.718.915.1519 / +1.406.250.8397, Investors Whitney KukulkaThe Blueshirt Groupinvestors@cloverhealth.com, Social Capital Hedosophia Holdings Corp. III: Media Sara Evans / Kerry GoldsFinsburysara.evans@finsbury.com / kerry.golds@finsbury.com +1.917.344.9279 / +1.646.957.2279, Jonathan Gasthalter / Carissa FelgerGasthalter & Co.SCH@gasthalter.com, https://www.businesswire.com/news/home/20210107005762/en/, UK's Sunak to build bridge to recovery with more spending, UPDATE 1-Exelon to split into two to separate clean energy businesses, RBC Beats Estimates as Traders Drive Capital-Markets Record, ExxonMobil to sell some UK, North Sea assets to HitecVision for over $1 billion, GLOBAL MARKETS-Strong German data helps European shares recover; Wall Street futures subdued. About Social Capital Hedosophia Holdings Corp. III. To learn more about Social Capital Hedosophia Holdings Corp. III, visit www.socialcapitalhedosophiaholdings.com. We are confident that Clover Health will continue to empower physicians to deliver better care and better outcomes for all its members and look forward to partnering with them in this next stage of growth.". On Dec. 18, Social Capital Hedosophia Holdings Corp. III (IPOC) stock rose by 9.6 percent, while the S&P 500 lost 0.4 percent. Social Capital Hedosophia Holdings III was a stock market stinker on Tuesday, cratering by nearly 14%. Social Capital Hedosophia Holdings Corp. III unites technologists, entrepreneurs and technology-oriented investors around a shared vision of identifying and investing in innovative and agile technology companies. In his tweet, Palihapitiya touted the vast growth potential of Medicare Advantage. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Social Capital Hedosophia Holdings III (NYSE:IPOC) was a stock market stinker on Tuesday, cratering by nearly 14%. Its two predecessors were Social Capital Hedosophia Holdings I, which in 2019 absorbed Virgin Galactic Holdings, and Social Capital Hedosophia Holdings II, soon to contain existing real estate company Opendoor. SHAREHOLDER ALERT: WeissLaw LLP Investigates Social Capital Hedosophia Holdings Corp. II Sep 15, 2020 Opendoor, a Leading Digital Platform for Residential Real Estate, Announces Plans to … This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE) announced on Jan. 7 that it would merge with financial services platform, SoFi, in a transaction valued at $8.7 billion. Stock Advisor launched in February of 2002. Social Capital Hedosophia V (NYSE:IPOE) announced today that it has entered into a definitive combination agreement with fintech platform SoFi that gives the combined entity an enterprise value of $6.6 billion. These operations are harnessed to sophisticated data-dissemination capabilities, which Social Capital's founder Chamath Palihapitiya claimed in a tweet result in "lower costs, less waste and, most importantly, better outcomes.". IPOE: Get the latest Social Capital Hedosophia stock price and detailed information including IPOE news, historical charts and realtime prices. Trading is expected to begin on the Nasdaq on January 8, 2021, under the new ticker symbol "CLOV" for Clover Health Class A common stock and "CLOVW" for the Clover Health warrants. SCH shareholders approved the transaction at an extraordinary general meeting on January 6, 2021. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Social Capital Hedosophia Holdings III Tanked on Tuesday @themotleyfool #stocks $IPOC $SPCE $IPOB, Why Clover Health's Shares Popped 61.4% in December, Copyright, Trademark and Patent Information. Chamath Palihapitiya, Founder and CEO of SCH, will act as a senior advisor to the Company’s management. J.P. Morgan acted as financial advisor and capital markets advisor. Clover Health Class A Common Stock to Begin Trading on Nasdaq as "CLOV" on January 8, 2021. We would like to show you a description here but the site won’t allow us. Shares of special purpose acquisition company (SPAC) Social Capital Hedosophia Holdings II are up 12.5% as of 3:40 p.m. EST. "As a public company, we will continue to pioneer a fundamentally different approach in the Medicare Advantage and Medicare space – investing in technology and partnering closely with physicians to help them make critical decisions for their patients at the point of care – with an overarching commitment to creating value for all stakeholders. For more information, please visit www.cloverhealth.com. 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. Social Capital Hedosophia Holdings Corp. IV (NYSE:IPOD) is the fourth of a series of SPACs that Chamath is listing. This trust is built by proactively identifying at-risk individuals and teaming up with physicians to accelerate care coordination and simultaneously improve health outcomes and reduce avoidable costs. SoFi provides digital banking, investment and payments tools online and via an app with a focus on home and personal loans as well as The newly formed company is named Clover Health Investments, Corp. ("Clover Health" or the "Company") and its shares of Class A common stock and warrants will start trading on The Nasdaq Global Select Market ("Nasdaq") under the new ticker symbols "CLOV" and "CLOVW," respectively. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the outcome of any legal proceedings that may be instituted against SCH and Clover following the consummation of the business combination, (ii) the effect of the transaction on Clover Health’s business relationships, operating results, and business generally, (iii) the risk that the transaction disrupts current plans and operations of Clover Health, (iv) the ability to maintain the listing of Clover Health’s securities on a national securities exchange, (v) the risk of downturns and a changing regulatory landscape in the highly competitive residential real estate industry, (vi) costs related to the transaction, (vii) the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, and (viii) the possibility that Clover Health may be adversely affected by other economic, business, and/or competitive factors. The business combination, which has an enterprise value of approximately $3.7 billion, will provide significant capital for the Company to scale and improve health outcomes for seniors across the United States. One of the most talked about SPAC mergers of 2020 gets a vote date to approve the deal. As a company whose business goals fully align with its members' health needs, Clover works with members and their doctors to become a valued partner. Social Capital Hedosophia Holdings Corp. III is a partnership between the investment firms of Social Capital and Hedosophia. Forward-looking statements speak only as of the date they are made. Clover Health Investments, Corp. ("Clover"), an innovative technology company improving health outcomes for America's seniors, and Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) ("SCH"), a publicly traded special purpose acquisition company, today completed their previously announced business combination to form one of the nation’s fastest growing publicly-traded Medicare Advantage insurers. Social Capital Hedosophia Holdings unites technologists, entrepreneurs and technology-oriented investors around a shared vision of identifying and investing in innovative and agile technology companies. Social Capital Hedosophia Holdings Corp. VI operates as a development stage company. Clover Health does not give any assurance that it will achieve its expectations. Social Capital Hedosophia Holdings Corp. III is a partnership between the investment firms of Social Capital and Hedosophia. Returns as of 02/24/2021. Thesis. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the definitive proxy statement/prospectus filed by SCH with the Securities and Exchange Commission (the "SEC") on December 14, 2020, and other documents filed by SCH from time to time with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and Clover Health assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Read More It was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

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