12/5/2023 0 Comments Shift technologies spacO’Melveny is counsel to Shift Technologies Inc.’s shareholders in Shift’s US185 million PIPE transaction to finance the acquisition of used-car enterprise Shift Technologies Inc, this article reported. (Nasdaq: LOTZ), a leading consignment-to-retail used vehicle marketplace. (Nasdaq: SFT), a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience, has closed its merger with CarLotz, Inc. The deal is projected to give Shift, which raised 300 million. Cantor Fitzgerald and Wells Fargo Securities acted as lead managers on the deal. The Deal: Insurance Acquisition SPAC Buys Shift Technologies. 09, 2022 (GLOBE NEWSWIRE) - Shift Technologies, Inc. Going public through a SPAC enables Shift to raise more capital than in a traditional IPO and to get the capital more quickly. Shareholders cast their votes in a special meeting on the subject Tuesday morning and approved other proposals concerning the transaction, executive incentives. INSU Acquisition III plans to list on the Nasdaq under the symbol IIIIU. (NASDAQ:INSU) filed an 8-K this morning showing that its shareholders have approved its business combination with online car marketplace Shift Technologies. INSU Acquisition III plans to target businesses providing insurance or insurance related services, with particular emphasis on insurance distribution businesses, regulated insurance or reinsurance businesses, and insurance related technology businesses. The pair have served in similar roles for two previous SPACs: INSU Acquisition II ( INAQ +32% from $10 offer price), which raised $200 million in September of this year and is pending a combination with Metromile, and Insurance Acquisition, which recently completed its merger with Shift Technologies ( SFT -12%). ![]() The company is led by CEO John Butler, the Head of US Insurance Debt Strategy and Global ILS Platform for Cohen & Company LLC, and Chairman Daniel Cohen, the Chairman of Cohen & Company LLC and CEO of the European Business of Cohen & Company Inc. ![]() The company offered 1.8 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. INSU Acquisition III, a third blank check company formed by Cohen & Company targeting the insurance industry, raised $218 million by offering 21.8 million units at $10.
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