Clover Health Looks To Raise Up To $300 Million

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.

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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