Benzinga | Nov 15, 2021 04:44PM EST

Clover Health Investments Reports 35M Share Common Stock Offering

Clover Health Investments, Corp. (NASDAQ:CLOV), ("Clover Health"), a technology company committed to improving health equity for seniors, today announced that it has commenced an underwritten public offering of 35,000,000 shares of its Class A Common Stock. All of the shares are being offered by Clover Health. In conjunction with the offering, Clover Health intends to grant to the underwriters a 30-day option to purchase up to 5,250,000 additional shares of its Class A Common Stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Clover Health intends to use the net proceeds from this offering for working capital and general corporate purposes.

Citigroup and Deutsche Bank Securities are acting as joint book-running managers for the offering. SVB Leerink and Canaccord Genuity LLC are acting as book-runners for the proposed offering.