The SPAC said proposed deal terms call for aggregate consideration to be paid, assuming no redemptions by the company’s shareholders, an estimated $30 million in cash and $842 million in shares of the company’s Class A common stock, plus an additional 10 million shares of common stock in the event that the closing share price exceeds $15 for 20 out of any 30 consecutive trading days during the first two years following the closing of the transaction. That would set the total deal value at approximately $956 million.
The combined company would have a market cap of about $1.3 billion. Metromile is a “pay-per-mile” auto insurance platform. Read more.
