Fast Company October 6, 2020
The Social Capital CEO is using a special purpose acquisition company, or SPAC, to quickly help health insurer Clover Health go public.
A six-year-old health insurance company called Clover Health is going public through a special purpose acquisition company. The new public offering comes as many traditional IPOs are being sidelined because of the COVID-19 pandemic. It also highlights the growing use of shell companies to go public faster and cheaper.
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...
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