Clover Health Investments, Corp. (“Clover” or “the Company”), which operates next-generation Medicare Advantage plans, has entered into a definitive agreement to become publicly traded via a merger with Social Capital Hedosophia Holdings Corp. III.
The $700.5 million deal was announced in November. Cash proceeds are expected to consist of up to approximately $136.04 million held in Murphy's trust account (before any redemptions and payment of expenses) and a $27 million PIPE.