Clover Health and Social Cash Hedosophia Holdings Corp. III Announce Closing of Organization Mix

NASHVILLE, Tenn. & PALO ALTO, Calif.–(Small business WIRE)–Jan 7, 2021–

Clover Health Investments, Corp. (“Clover”), an revolutionary technological know-how corporation improving health results for America’s seniors, and Social Cash Hedosophia Holdings Corp. III (NYSE: IPOC) (“SCH”), a publicly traded particular function acquisition firm, currently completed their formerly introduced company mixture to form just one of the nation’s quickest escalating publicly-traded Medicare Edge insurers. The recently shaped corporation is named Clover Overall health Investments, Corp. (“Clover Health” or the “Company”) and its shares of Course A prevalent stock and warrants will start investing on The Nasdaq World Choose Marketplace (“Nasdaq”) underneath the new ticker symbols “CLOV” and “CLOVW,” respectively.

The small business mixture, which has an company benefit of about $3.7 billion, will supply substantial capital for the Enterprise to scale and enhance health results for seniors throughout the United States. SCH shareholders accredited the transaction at an amazing standard assembly on January 6, 2021.

“Today marks an critical milestone in Clover Health’s mission to boost every single everyday living by enabling enhanced clinical final decision creating and achieving affordability in healthcare in the U.S.,” reported Vivek Garipalli, CEO and Co-Founder of Clover Health and fitness. “As a public organization, we will continue on to pioneer a essentially unique method in the Medicare Edge and Medicare house – investing in technological innovation and partnering closely with doctors to aid them make crucial selections for their people at the stage of treatment – with an overarching commitment to producing price for all stakeholders.”

Chamath Palihapitiya, CEO and Founder of SCH, mentioned: “On behalf of the SCH staff, I am thrilled to announce the closing of this transaction and convey Clover Wellness to the public markets. Vivek, Andrew and their crew have created a next-technology Medicare Gain organization that combines broad access to health care with a technological innovation-enabled operating design. We are self-assured that Clover Wellbeing will carry on to empower doctors to provide superior care and better results for all its members and seem forward to partnering with them in this subsequent phase of development.”

Clover’s management crew, led by CEO and Co-Founder Vivek Garipalli and President and Co-Founder Andrew Toy, will carry on to direct the freshly formed company. Chamath Palihapitiya, Founder and CEO of SCH, will act as a senior advisor to the Company’s management.

Investing is expected to commence on the Nasdaq on January 8, 2021, under the new ticker symbol “CLOV” for Clover Overall health Course A frequent inventory and “CLOVW” for the Clover Wellness warrants.

Connaught acted as economic advisor, Credit Suisse acted as placement agent and money marketplaces advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as lawful advisor to SCH. Citigroup acted as money advisor, placement agent and funds marketplaces advisor. J.P. Morgan acted as economical advisor and cash markets advisor. Jefferies LLC also acted as financial advisor. Blueshirt Money Advisors acted as capital marketplaces advisor and Orrick, Herrington & Sutcliffe LLP acted as authorized advisor to Clover.

About Social Money Hedosophia Holdings Corp. III

Social Cash Hedosophia Holdings Corp. III is a partnership between the financial investment companies of Social Cash and Hedosophia. Social Cash Hedosophia Holdings Corp. III unites technologists, business owners and technology-oriented buyers about a shared vision of identifying and investing in modern and agile technological know-how organizations. To learn additional about Social Capital Hedosophia Holdings Corp. III, visit www.socialcapitalhedosophiaholdings.com.

About Clover Health

Clover Wellbeing is a health care engineering organization with a deeply rooted mission of enhancing just about every lifetime. Clover uses its proprietary engineering system to acquire, composition, and examine wellness and behavioral information to strengthen health care outcomes and reduce fees for people. As a enterprise whose business plans fully align with its members’ wellbeing wants, Clover performs with customers and their physicians to grow to be a valued lover. This have confidence in is developed by proactively figuring out at-possibility people today and teaming up with doctors to accelerate care coordination and at the same time enhance wellness outcomes and lower avoidable charges. Clover has offices in San Francisco, Jersey Metropolis, Nashville and Hong Kong.

For more information and facts, make sure you stop by www.cloverhealth.com.

Forward-Searching Statements

This push launch contains certain forward-hunting statements within just the indicating of the federal securities rules with regard to the transaction concerning Clover and SCH, together with statements pertaining to Clover Health’s business tactic, strategies and targets of administration for long term operations, which include as they relate to the predicted results of the organization combination and the listing of shares of Clover Health on Nasdaq. These ahead-on the lookout statements normally are identified by the terms “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will go on,” “will probable end result,” and comparable expressions. Ahead-searching statements are predictions, projections and other statements about upcoming occasions that are primarily based on current anticipations and assumptions and, as a consequence, are subject to hazards and uncertainties. Lots of factors could bring about real upcoming functions to differ materially from the forward-hunting statements in this push launch, which includes but not confined to: (i) the final result of any legal proceedings that might be instituted in opposition to SCH and Clover subsequent the consummation of the enterprise mixture, (ii) the result of the transaction on Clover Health’s enterprise interactions, functioning outcomes, and business normally, (iii) the chance that the transaction disrupts recent ideas and functions of Clover Overall health, (iv) the potential to preserve the listing of Clover Health’s securities on a national securities exchange, (v) the risk of downturns and a altering regulatory landscape in the remarkably competitive household authentic estate industry, (vi) prices connected to the transaction, (vii) the failure to know expected advantages of the transaction or to notice believed pro forma benefits and fundamental assumptions, and (viii) the chance that Clover Wellness could be adversely afflicted by other financial, company, and/or aggressive components. The foregoing list of variables is not exhaustive. You should meticulously think about the foregoing components and the other risks and uncertainties explained in the “Risk Factors” portion of the definitive proxy statement/prospectus submitted by SCH with the Securities and Trade Fee (the “SEC”) on December 14, 2020, and other files filed by SCH from time to time with the SEC. These filings identify and tackle other critical challenges and uncertainties that could lead to true gatherings and benefits to differ materially from those people contained in the forward-on the lookout statements. Ahead-on the lookout statements discuss only as of the date they are built. Readers are cautioned not to set undue reliance on ahead-looking statements, and Clover Overall health assumes no obligation and does not intend to update or revise these ahead-searching statements, irrespective of whether as a final result of new facts, future functions, or in any other case. Clover Well being does not give any assurance that it will realize its anticipations.

Look at source variation on businesswire.com:https://www.businesswire.com/information/house/20210107005762/en/

Call: Clover Well being:

Media

Andy Robinson / Andrew Still-Baxter

Clover Wellbeing

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+1.718.915.1519 / +1.406.250.8397Buyers

Whitney Kukulka

The Blueshirt Team

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Sara Evans / Kerry Golds