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The parties decided to terminate the business combination agreement due to “current unfavorable market conditions”. -
Woodruff Sawyer noted that the SEC, Finra, and the DoJ are likely to continue focusing on the SPAC market in 2022.
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Aggregate settlements during 2021 amounted to $1.8bn, falling 18.2% from the $2.2bn aggregate amount in 2020, Nera data showed.
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The InsurTech’s stock traded at $28.25 by midday Tuesday, down from its $163.93 peak in February 2021.
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For the SPAC market, sources said that prices should continue to harden, while D&O rates are expected to stabilize amid a capacity flush.
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InsurTechs continue to get battered as markets enter correction territory, but broader industry holds up amid wide declines.
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The share price of the auto InsurTech plunged after the company said it was cutting its headcount by 330 staffers, or about 20% of its workforce.
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HCI’s suspension of TypTap's spin off amid a punishing market for InsurTechs pressured the company's stock.
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If the vote is successful and all closing requirements are satisfied, the combined company will be named Kin insurance and is expected to be listed on the NYSE under the ticker symbol “KI”.
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InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.
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The legacy carrier said it expected cross-trading on the OTCQX to widen its investor base and support liquidity on the LSE AIM.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
