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Shift Completes Merger with Insurance Acquisition Corp. on its Path to …

Shift Completes Merger with Insurance Acquisition Corp. on its Path to …

SAN FRANCISCO, Oct. 14, 2020 (GLOBE NEWSWIRE) — In a release issued under the same headline earlier today by Insurance Acquisition Corp. (NASDAQ: INSU) and Shift, please note that dates included in the press release were incorrect. Shift will begin trading on NASDAQ under the ticker symbol “SFT” and its senior management will host an investor conference call on October 15, 2020, not October 14, 2020, as previously stated. The corrected release follows.

Shift Completes Merger with Insurance Acquisition Corp. on its Path to Public Listing, Transaction Delivers $340 Million to Support Growth and Working Capital

Shift will begin trading on NASDAQ under ticker SFT on October 15, 2020

Shift’s senior management to host investor conference call on October 15, 2020 at 8:00am EDT

Shift, a leading end-to-end ecommerce platform for buying and selling used cars, and Insurance Acquisition Corp. (Nasdaq: INSU), a publicly traded special purpose acquisition company sponsored by Cohen & Company (NYSE American: COHN), have announced the closing of their previously announced business combination. The business combination, which was approved on October 13, 2020, by INSU’s stockholders, brings the newest pure-play in the used car ecommerce market to the public markets. The transaction provides Shift with approximately $300 million, net of fees and expenses. Beginning October 15, 2020, Shift’s shares of Class A common stock will trade on the Nasdaq under the ticker symbol “SFT” and warrants under ticker symbol “SFTTW.” Shift’s co-CEOs, George Arison and Toby Russell, will host an investor update call on October 15, 2020 at 8:00am EDT.

Shift has built a state-of-the-art automotive ecommerce company powered by its unique technology platform and service model. Leveraging proprietary technology, Shift delivers a comprehensive and seamless process for consumers to buy, sell, trade, finance, and own used cars.

“Today marks an important milestone for our company.

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Shift Completes Merger with Insurance Acquisition Corp. on its Path to Public Listing, … | Money

Shift Completes Merger with Insurance Acquisition Corp. on its Path to Public Listing, … | Money

Caution Regarding Forward Looking Statements

This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of Shift’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the risk that the business combination disrupts Shift’s current plans and operations; (2) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, Shift’s ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (3) costs related to the business combination; (4) changes in applicable laws or regulations; (5) the possibility that Shift may be adversely affected by other economic, business, and/or competitive factors; (6) the operational and financial outlook of Shift; (7) the ability for Shift to execute its growth strategy; and (8) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission (“SEC”) by Shift. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Shift undertakes no commitment to update or revise

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Blackstone-Backed Finance Of America Plans $1.9B SPAC Merger To Go Public: WSJ

Blackstone-Backed Finance Of America Plans $1.9B SPAC Merger To Go Public: WSJ



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The Blackstone Group Inc (NYSE: BX)-backed Finance of America Equity LLC is planning to go public through a merger with a blank check company, the Wall Street Journal reported Monday.

What Happened: The consumer-lending platform is expected to merge with special purpose acquisition company Replay Acquisition Corp (NYSE: RPLA) in a deal that will give it a valuation of $1.9 billion, people familiar with the matter told the Journal.

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Institutional investors would reportedly make a private investment of $250 million in Finance of America as it goes public.

The deal is expected to leave Blackstone with 70% ownership of the company.

The consumer lender was originally considering going public through an initial public offering but began negotiating with the founders of Replay Acquisition in the summer, the Journal reported.

Why It Matters: Finance of America’s services span mortgages, reverse mortgages, commercial-real-estate loans, and fixed income investing.

The flurry of activity around SPACs continues unabated. Last month, United Wholesale Mortgage, the biggest wholesale mortgage originator in the United States, was reported to be considering a merger with the blank check company Gores Holdings IV Inc (NASDAQ: GHIV) at a record valuation of $16.1 billion. 

Japanese conglomerate Softbank Group Corp (OTC: SFTBY) is also preparing to launch a SPAC in two weeks’ time as it remains flush with liquidity. 

Chamath Palihapitiya’s three SPAC firms raised $2.1 billion IPOs, last week. 

This month, Los Angeles-based Fisker Inc, an EV startup, is expected to go public by merging with Spartan Energy Acquisition Corp (NYSE: SPAQ).

Price Action: Blackstone Group shares closed almost 0.5% higher at $54.97 on Monday. On the same day, Replay Acquisition shares closed nearly 0.2% lower at $10.26.

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Merger And Acquisition Activity, Stimulus Hopes, Higher Yields

Merger And Acquisition Activity, Stimulus Hopes, Higher Yields

Key Takeaways:

  • Volatility ebbing after spike earlier in the week
  • Aid for struggling airlines a top focus in ongoing stimulus talks
  • AMD reportedly in talks to buy rival chipmaker Xilinx
    XLNX

An election with far-reaching policy implications—one way or the other—is less than a month away. Big banks are set to kick off what could be a challenging earnings season. Fresh outbreaks of Covid-19 have been reported here and abroad. And a Category 3 hurricane—the 25th named storm this season—is about to make landfall in the U.S.

And yet, the S&P 500 Index (SPX) and other indices find themselves within striking distance of all-time highs as a rally enters its third day early Friday. The Dow Jones Transportation Average ($DJT) has actually made new all-time highs. After touching 30 earlier in the week, the Cboe Volatility Index (VIX) has fallen 13% and starts the day with a 25-handle. Merger and acquisition (M&A) activity has picked up in earnest this week (see more below). And Treasury yields have been inching toward normalcy, and could be poised for a breakout to the upside.

If 2020 has taught us one thing, it’s that markets have the power to surprise, if not confound, even the most seasoned investor. That’s important to remember as we enter the election home stretch and prepare for the often-notable Q3 earnings season.

Is this a rally that’s got some legs? Or is it more like a market without much conviction, but one where few people want to get in the way of the upward momentum? We saw on Tuesday how things can turn back on a dime, but the quick recovery that started Wednesday and has carried through until Friday morning might hint that anyone trying to go short here faces a challenge.

If the

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