Clover Health offers Medicare Advantage health insurance plans, which weave together traditional medicine with fitness, vision, dental, and nutrition programs, to roughly 57,000 members in seven states. To raise money for Clover Health’s growth, venture firm Social Capital is taking the company public through a shell company called Social Capital Hedosophia Holdings Corp. III, which went public in April. The deal values Clover Health at $3.7 billion, according to Bloomberg.
This is not the first time that Social Capital has taken a company public through a special purpose acquisition company (SPAC). Founder and CEO Chamath Palihapitiya is making a habit of it. Just three weeks ago Palihapitiya used Social Capital Hedosophia Holdings Corp. II to acquire and take public real estate platform Opendoor in a deal valued at $4.8 billion. He set up a fourth SPAC in September and could set up as many as 26 (on his podcast, he said he has reserved stock market tickers IPOA through IPOZ). In…
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Source : fastcompany.com
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