NASHVILLE, Tennessee, November 17, 2021 (GLOBE NEWSWIRE) – Clover Health Investments, Corp. (Nasdaq: CLOV), (“Clover Health”), a technology company committed to improving health equity for seniors, today announced the price of its previously announced public offering of 52,173,913 shares Class A common stock at a price of $ 5.75 per share. In addition, Clover Health has granted the underwriters a 30-day option to purchase up to 7,826,086 additional Class A shares at the public offering price, less any rebates and subscription commissions. Total gross proceeds from the Offering for Clover Health are expected to be approximately $ 300 million, before the deduction of underwriting discounts and commissions and offering costs and assuming no exercise of the Underwriters’ Option. to buy additional shares has not been made. All shares are offered by Clover Health. The offer is expected to close on or around November 22, 2021, subject to the satisfaction of customary closing conditions.
Clover Health intends to use the net proceeds of this offering for working capital and general corporate purposes.
Citigroup and Deutsche Bank Securities are acting as book co-managers for the offer. SVB Leerink and Canaccord Genuity LLC are acting as bookkeepers for the offering.
The offer is made only by means of a prospectus. Copies of the final prospectus relating to the offering can be obtained by contacting: Citigroup Global Markets Inc., c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146 or e -mail: [email protected]; or Deutsche Bank Securities Inc., Attn: Prospectus Department, 1 Columbus Circle, New York, New York 10019, phone: 800-503-4611 or e-mail: [email protected].
No offer or solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction where such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The registration statements relating to these securities have been filed with the SEC and have been declared effective by the SEC.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the product we will receive in connection with the offering, the intended use of the product and when the offering will close. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from the results expressed or implied in this press release, including, but not limited to, the risks and uncertainties contained in the Risk Factors section of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, which we filed with the Securities and Exchange Commission on November 9, 2021, the preliminary prospectus relating to the proposed public offering and subsequent filings with the SEC. Clover Health assumes no obligation and does not intend to update these forward-looking statements as a result of future events or developments.