Clover Health (NASDAQ:CLOV) stock is trading on the Nasdaq Exchange Friday after completing its merger with special purpose acquisition company (SPAC) Social Capital Hedosophia Holdings (NYSE:IPOC).
Here’s everything investors need to know about CLOV stock as it starts trading today.
- Clover Health is a Medicare Advantage insurance company founded in 2014 and based out of Franklin, Tenn.
- The company also has offices in San Francisco, Jersey City, Nashville, as well as Hong Kong.
- It offers insurance to seniors through its software platform, Clover Assistant.
- The company’s goal is to offer what it calls “obvious” plans that are easy to understand with data it provides through Clover Assistant.
- The Clover SPAC merger was initially set to value the company at $3.7 billion.
- However, shares of CLOV stock are up roughly46% since it announced the SPAC merger plan in early October.
- As a result, the company should enter the public market with a much higher value.
- Shares of CLOV stock start trading on the Nasdaq Exchange today with warrants trading under the CLOVW ticker.
Vivek Garipalli, co-founder and CEO of Clover Health, said this about the SPAC merger.
“As a public company, we will continue to pioneer a fundamentally different approach in the Medicare Advantage and Medicare space – investing in technology and partnering closely with physicians to help them make critical decisions for their patients at the point of care – with an overarching commitment to creating value for all stakeholders.”
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
