Clover Announces Closing of Public Offering of Class A Common Stock

Rhea-AI Summary

Clover Health Investments, Corp. (Nasdaq: CLOV) announced the successful closing of its underwritten public offering on November 22, 2021, raising approximately $300 million in gross proceeds. As part of the offering, underwriters received a 30-day option to purchase up to 7,826,086 additional shares. Citigroup and Deutsche Bank Securities acted as joint book-running managers, with SVB Leerink and Canaccord Genuity LLC as book-runners. This offering was conducted under the SEC's registration statements.

Positive

• Raised approximately $300 million in gross proceeds from the offering.
• Potential for further funding through underwriters' option to purchase additional shares.

Negative

• Possible dilution of existing shareholder equity due to the share offering.

NASHVILLE, Tenn., Nov. 23, 2021 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV), (“Clover Health”), a technology company committed to improving health equity for seniors, today announced the closing on November 22, 2021, of its previously announced underwritten public offering of shares of its Class A Common Stock, resulting in approximately $300 million of gross proceeds.

In connection with the offering, Clover also granted the underwriters a 30-day option to purchase up to 7,826,086 additional shares of its Class A Common Stock at the public offering price, less the underwriting discounts and commissions.

Citigroup and Deutsche Bank Securities acted as joint book-running managers for the offering. SVB Leerink and Canaccord Genuity LLC acted as book-runners for the offering.

The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may 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 email: prospectus@citi.com; or Deutsche Bank Securities Inc., Attn: Prospectus Department, 1 Columbus Circle, New York, New York 10019, telephone: 800-503-4611 or email: prospectus.cpdg@db.com.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Registration statements relating to these securities have been filed with the SEC and were declared effective by the SEC.

Contact Information

Investor Relations:

Derrick Nueman

investors@cloverhealth.com

Press Contact:

Andrew Still-Baxter

press@cloverhealth.com

FAQ

What was the purpose of Clover Health's recent public offering?

Clover Health raised approximately $300 million in gross proceeds through its public offering to strengthen its financial position.

How many additional shares can underwriters purchase from Clover Health?

Underwriters have a 30-day option to purchase up to 7,826,086 additional shares of Class A Common Stock.

Who managed Clover Health's public offering?

Citigroup and Deutsche Bank Securities acted as joint book-running managers, with SVB Leerink and Canaccord Genuity LLC as book-runners.

When did Clover Health close its public offering?

The public offering closed on November 22, 2021.

What are the stock symbols for Clover Health?

Clover Health trades under the stock symbols CLOV and CLOVW.