Social Capital Hedosophia Hldgs Corp. III (IPOC) announces closing of business combination with Clover Health. The newly formed company is named Clover Health Investments, and its shares of Class A commonstock and warrants will start trading on theNasdaq Global Select Market under the new ticker symbols"CLOV" and "CLOVW," respectively.
Clover Health Investments provides Medicare Advantage health plans to 57,000 members.
- Sector(s): Healthcare
- Industry: Healthcare Plans
- Full Time Employees: 327
- http://www.cloverhealth.com
- Founded in 2012
- Based in Franklin, Tennessee.
Chamath Palihapitiya on CNBC
Clover Health Investments (CLOV) and the special purpose acquisition company (SPAC) led by Chamath Palihapitiya that took the tech-focused healthcare company public in January came under attack on Thursday based on claims by Hindenburg Research.
The report claims that Clover unfairly lured retail investors into purchasing shares while failing to disclose that it was under active investigation by the Department of Justice.
The report claims that Clover unfairly lured retail investors into purchasing shares while failing to disclose that it was under active investigation by the Department of Justice.
Clover, which sells Medicare insurance, has a mission of serving “low-income and often overlooked communities.” According to Hindenburg, a civil investigative demand letter shows that the Department of Justice is investigating 12 issues related to Clover, including its software “Clover Assistant,” as well as kickbacks, marketing practices, and undisclosed third-party deals.
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