SPAC mania has come to a screeching halt. Just last month, special purpose acquisition companies celebrated a head-turning milestone by breaking their 2020 issuance record in just three-month’s time.
When going public is a company’s ultimate goal, the method of doing so isn’t the most important factor. Consider Clover Health Investments, which provides Medicare Advantage health plans to 57,000 members.
Special purpose acquisition companies are promising 100% and 200% profits in mere days. Who wouldn’t want a piece of that action?
U.S. insurance startup Clover Health will go public through a merger with blank-check firm Social Capital Hedosophia Holdings Corp III IPOC.N in a deal valued at $3.7 billion including debt, the company said on Tuesday.