Clover Health (NASDAQ: CLOV) announced last night the pricing for its proposed public offering of common stock. The financing will see the company look to raise gross proceeds of up to US$300 million.
Under the terms of the financing, the company intends to sell up to 52.2 million Class A common shares, with shares to be sold at a price of $5.75 per each. No warrant is being offered in connection with the financing.
The firm has also granted a 30 day over-allotment option, which could see the sale of up to an additional 7.8 million shares under the offering.
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Proceeds from the sale are said to be used for working capital and general corporate purposes. The financing is expected to close on November 22.
Clover Health last traded at $6.43 on the Nasdaq.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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