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Social Capital Hedosophia III Shareholders Approve Business Combination with Clover Health

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Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) (SCH and, after the Domestication and business combination as described below, Clover Health), a publicly traded special purpose acquisition company, announced today that in an extraordinary general meeting on January 6, 2021, its shareholders voted to approve its proposed business combination (the business combination) with Clover Health Investments, Corp. (Clover). Approximately 99.5% of the votes cast at the meeting, representing approximately 65.0% of SCHs outstanding shares, voted to approve the business combination.

The business combination is expected to close on January 7, 2021, subject to the satisfaction of customary closing conditions. Prior to the consummation of the business combination, SCH will domesticate as a Delaware corporation (the Domestication), and in connection with the business combination, will change its name to Clover Health Investments, Corp. Trading is expected to begin on The Nasdaq Global Select Market on January 8, 2021, under the new ticker symbol CLOV for Clover Health Class A common stock and CLOVW for Clover Health warrants. Until the Domestication and transfer is complete, the SCH common stock, warrants and units will continue to trade under the ticker symbols IPOC, “IPOC.WS” and “IPOC.U”, respectively, on NYSE.

About Social Capital Hedosophia Holdings Corp. III

Social Capital Hedosophia Holdings Corp. III is a partnership between the investment firms of Social Capital and Hedosophia. Social Capital Hedosophia Holdings Corp. III unites technologists, entrepreneurs and technology-oriented investors around a shared vision of identifying and investing in innovative and agile technology companies. To learn more about Social Capital Hedosophia Holdings Corp. III, visit www.socialcapitalhedosophiaholdings.com.

About Clover Health

Clover Health is a healthcare technology company with a deeply rooted mission of helping its members live their healthiest lives. Clover uses its proprietary technology platform to collect, structure, and analyze health and behavioral data to improve medical outcomes and lower costs for patients. As a company whose business goals fully align with its members’ health needs, Clover works with members and their doctors to become a valued partner. This trust is built by proactively identifying at-risk individuals and teaming up with physicians to accelerate care coordination and simultaneously improve health outcomes and reduce avoidable costs. Clover has offices in San Francisco, Jersey City, Nashville and Hong Kong.

For more information, please visit www.cloverhealth.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Clover and SCH, including statements regarding the anticipated consummation of the business combination and the transaction related thereto, including the domestication of SCH and the listing of shares of the post-business combination company on the Nasdaq. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of SCHs securities, (ii) the risk that the transaction may not be completed by SCHs business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SCH, (iii) the failure to satisfy the conditions to the consummation of the transaction, (iv) the lack of a third-party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Clovers business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Clover and potential difficulties in Clover employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Clover or against SCH related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of SCHs securities on a national securities exchange, (xi) the price of SCHs securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which SCH plans to operate or Clover operates, variations in operating performance across competitors, changes in laws and regulations affecting SCHs or Clovers business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors section of the definitive proxy statement/prospectus filed by SCH with the Securities and Exchange Commission (the SEC) on December 14, 2020, and other documents filed by SCH from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Clover and SCH assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Clover nor SCH gives any assurance that either Clover or SCH, or the combined company, will achieve its expectations.

Clover Health:

Media

Andy Robinson

+1.718.915.1519

[email protected]

Investors

Whitney Kukulka

The Blueshirt Group

[email protected]

Social Capital Hedosophia Holdings Corp. III:

Media

Sara Evans / Kerry Golds

Finsbury

[email protected] / [email protected]

+1.917.344.9279 / +1.646.957.2279

Jonathan Gasthalter / Carissa Felger

Gasthalter & Co.

[email protected]

News

Millennials Now Saving More Money Than Their Parents According to Zip

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SYDNEY, Feb. 27, 2021 /PRNewswire/ — Millennials are a diverse group, the youngest of which is turning 25 this year, while the oldest is nearing 40. In this stage of their lives, financial decisions are increasingly impacted by the fear they won't be able to achieve material goals. The worry is that they won't be able to meet key financial goals, such as buying property, paying back student debt, or saving for retirement.

The differing money-related behaviours of millennials compared to their parents have resulted in their ability to save more. By putting their money into savings accounts, exploring investment plans, and choosing smart financial technology services, millennials are setting the foundation for a strong financial future.

Faced with the risk of being unable to land their dream job, buy a house, or retire until much later in life than their parents did, millennials are choosing to delay homeownership, cutting back on alcohol, spending more on public transport and choosing interest-free payment options wherever possible.

One of the reasons why millennials favour interest-free, online services such as Zip is for their ability to help with budgeting. The millennial crowd are known to manage their finances closely with the help of new technology. Almost 1 in 3 millennials use online tools to track their spending and 7% make use of budgeting apps.

Millennials are also turning away from credit cards in favour of using Buy Now Pay Later apps to manage their finances responsibly, and as a cheaper alternative to credit cards. They also try not to incur interest through unpaid balances unless absolutely necessary, making interest-free BNPL providers a popular choice for this demographic.

Millennials have come of age during a time of economic disruption, technological change and accelerated globalisation. This has given them a set of behaviours and experiences vastly different from their parents. Their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business now and into the future.

This press release was issued through 24-7PressRelease.com. For further information, visit http://www.24-7pressrelease.com.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/millennials-now-saving-more-money-than-their-parents-according-to-zip-301236400.html

SOURCE Zip

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Unique French-English bilingual programme at the Canadian International School (CIS) expanding from August 2021

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SINGAPORE – Media OutReach – 22 February 2021 – The Canadian International School (CIS) in Singapore is delighted to announce the expansion of its unique French-English bilingual programme at the Lakeside campus with the opening of a class in grade 1, 2 and 5 starting in August 2021. Going forward, the programme will now be available to students at its Lakeside campus from grade 1 through to grade 5.

“We are extremely excited about the programme’s expansion as we are the only international school in Singapore to offer a French-English bilingual program fully aligned to the International Baccalaureate PYP framework, ” says CIS Head of School Pete Corcoron. “We are delighted students can now take advantage and enjoy the programme’s unique benefits for a longer period.”

The decision to open up an additional class underscores CIS’ reputation as one of the most experienced and trusted international schools in Singapore to offer bilingual programmes. In addition to CIS’s French-English bilingual programme they also offer a Chinese-English bilingual programme for students in junior kindergarten to grade 6.

The French-English bilingual programme objective

To educate students to become bilingual, biliterate and bicultural in both French and English.

Key features of the French-English bilingual programme

Each class has two qualified teachers — one English speaker and one French speaker. Instruction is inquiry-based and fully aligned to the International Baccalaureate Primary Years Programme (IB PYP). Students have equal exposure to both languages — classes are in English one day and French the next.

CIS’ teaching approach

All learning is done through inquiry. Wherever possible, CIS uses authentic materials (such as songs, stories, TV and websites) instead of textbooks, and engage students in active, hands-on activities like acting out plays, cooking and participating in quizzes. The school places a strong emphasis on creating authentic experiences where learning mirrors real-life activities. CIS don’t do any translating. All learning is done through immersion.

Who can enrol?

While language requirements do apply, CIS welcomes students from all backgrounds. Some students are French native-speakers while others have been educated in a French-speaking school or have a strong connection and passion for the French language.

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Black Spade Capital Aims to Build an SPAC-themed Portfolio

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HONG KONG SAR – Media OutReach – 22 February 2021 – 2020 proved to be a great year for Special Purpose Acquisition Companies (SPACs). The market saw more high-profile investors joining the party while a record number of companies went public through this unique structure. With a whopping US$80 billion raised by over 230 blank-cheque companies, SPAC IPOs not only represented approximately 50% of total IPO issuance in the US in 2020, the massive amount raised by SPACs even eclipsed traditional IPOs last year.

Mr. Dennis Tam, President and CEO

SPAC Trend Continues To Heat Up

While SPACs continue to be favoured by institutional and private investors alike in the US, they are also gaining momentum in Asia. Savvy investors in the East are catching up fast with the trend and among them is Black Spade Capital Limited, the family office of casino magnate Lawrence Ho Yau Lung.

“We aim to be one of the first Asian family offices to build an SPAC-themed portfolio,” said Mr. Dennis Tam, President and CEO of Black Spade Capital. He added that “of course, we have to be selective — only high-quality SPACs with great potential are considered”.

One catalyst, Two Criteria

Mr. Tam considers the current close-to-zero or, in some cases, negative interest rate environment as one of the catalysts that contribute to the success of SPAC IPOs. “Loose monetary policy means lower cost of funds and greater incentive for investors to look for new investments. SPACs enjoy a great start this year with over US$45 billion raised by more than 140 new SPACs to-date — the fact that both the number and size of SPAC deals in the first two months of 2021 represent some 56% of the full-year performance in 2020 reflects just how buoyant the SPAC market is. The whole SPAC trend has to do to a certain extent with the abundance of capital in the market seeking return. When the interest rate picks up, the trend may slow down” said Mr. Tam.

Mr. Tam commented that the family office places importance on the sponsors in terms of selection criteria. “There are two main criteria — sponsors’ reputation and their track record. Sponsors are the face of an SPAC. They set out the road map of the investment vehicle. Their track record gives us a glimpse of what the sponsors are capable of. I always find one-on-one investor meeting a good way to learn about the vision and strategy that the sponsors have for their SPACs. A reputable sponsor boosts investor confidence. Some people point out that sponsors typically receive 20% of the equity in the SPAC; in my opinion, this mechanism helps align sponsors’ interest with that of investors which is actually positive — as long as the sponsors deliver, they deserve a matching reward. After all, if the sponsors successfully acquire or merge with a promising target (i.e. de-SPAC), everybody wins” explained Mr. Tam.

The relatively straightforward structure of SPACs also begins to appeal to many family offices. “As the name suggests, an SPAC has the sole purpose of merging with a private company and taking it public. The tenor is usually capped at two years and the sector from which the SPAC identifies its acquisition target is announced before the SPAC is listed. The fund raised by an SPAC usually serves as a good indication of the size of the future target, which is typically 3x to 4x the size of the SPAC. This is the kind of clarity that investors appreciate,” explained Mr. Tam. “Also, SPAC issuers offer to redeem the shares from investors at a call price equivalent to the IPO price if they do not like the acquisition target. This capital protection mechanism affords greater assurance to investors” added Mr. Tam.

Mr. Tam believes that investor education will encourage more Asian family offices as well as other investors in the region to participate in this SPAC trend. “We had several rounds of in-depth discussions with various investment banks and private banks before making our first SPAC investment last year,” recalled Mr. Tam. “In the process, our bankers get to understand our investment appetite and selection criteria and are able to introduce different SPAC opportunities to us” said Mr. Tam.

In terms of Black Spade Capital’s target return with regard to SPACs, “We have seen some truly impressive performance of certain star SPACs, such as QuantumScape and Draft Kings, which have realized a return of close to 10x and 4x, respectively, in 2020. Naturally, we look for above average return and we believe the key to achieve this is to invest in quality SPACs at the time of IPO” said Mr. Tam.

About Black Spade Capital Limited (黑桃資本有限公司)

Black Spade Capital Limited is an established family office that manages the private investments of Mr. Lawrence Ho. Headquartered in Hong Kong, its global portfolio consists of a wide spectrum of cross-border investments as it consistently seeks to add new projects and opportunities to its investment mix. Black Spade’s investment strategy maximizes coverage of geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, ranging from equity, fixed income, medical technology, leisure and culture, green energy, real estate to Pre-IPO investments.


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