The special-purpose acquisition company, or SPAC, will use funds raised in its initial public offering to buy the insurance company and make it public. The blank-check company went public in April under the ticker IPOC, and has since soared roughly 24% amid Wall Street's SPAC frenzy.
Social Capital Hedosophia's deal will"help bring better healthcare across America," Palihapitiya said in a Tuesday morning"Over the next decade, our belief is that Clover Health will build large market adoption and shareholder returns by 'bending the curve' in healthcare delivering better outcomes at lower costs," he added.The space industry will grow by over $1 trillion in the next decade, says Bank of America.
Clover Health sells Medicare insurance in seven states and offers physicians software for aggregating data across patients. The model combines traditional healthcare with a data business more commonly seen in Silicon Valley. Physicians using the tool have lowered waste and patient costs while still delivering better care, according to a one-pager tweeted by Palihapitiya.The merger is Social Capital Hedosophia's third SPAC deal.
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