Clover Health Merger Approved By Shareholders

A merger between a Chamath Palihapitiya-backed SPAC and a Medicare Advantage provider was approved by shareholders.

What Happened: Shareholders of Social Capital Hedosophia Holdings Corp III IPOC voted to approve a merger with Clover Health.

The merger deal values Clover Health are $3.7 billion.

What’s Next: Share of Social Capital Hedosophia Holdings Corp III are likely to stop trading as IPOC on Jan. 7. Shares of the new company will trade as symbol CLOV on the Nasdaq.

Current shareholders of Social Capital Hedosophia Holdings Corp III will own 18.7% of the new company.

Price Action: Shares of Social Capital Hedosophia Holdings Corp III are trading up 1% to $15.23. Shares fell 3% on Tuesday.

Related Link: Chamath Palihapitiya’s IPOD, IPOE, IPOF SPACs: What Investors Should Know