Benzinga | Nov 16, 2021 11:41AM EST

Why Clover Health Shares Are Falling

Clover Health Investments Corp (NASDAQ:CLOV) shares are trading lower after the company reported a 35 million share common stock offering during Monday's after-hours session.

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.

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

Clover Health is a healthcare technology company. It uses its proprietary technology platform to collect, structure and analyze health and behavioral data to improve medical outcomes and lower costs for patients.

Clover Health has a 52-week high of $28.85 and a 52-week low of $6.31.