Clover Health to Go Public Via Social Capital SPAC

Clover Health Investments said it would go public by merging with special-purpose-acquisition company Social Capital Hedosophia Holdings Corp. III  (IPOB) – Get Report

The move gives Clover, the San Francisco Medicare-supplement provider, an enterprise value of $3.7 billion.

The deal would generate $1.2 billion in gross proceeds, including a PIPE — private investment in public equity — of $400 million from a number of investors and as much as $828 million of cash held in the Social Capital trust account. 

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