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Shift Technologies, Insurance Acquisition Corp. Announce Merger - Quick Facts

Shift Technologies Inc. and Insurance Acquisition Corp. (INSU) have entered into a definitive deal, under which Shift Technologies will merge with Insurance Acquisition Corp. for aggregate consideration of approximately $380 million in Insurance Acquisition Corp. class A common stock, plus an additional 6 million shares of Class A common stock that will be earned if the combined company achieves certain price targets over time.

Insurance Acquisition Corp. intends to change its name to Shift Technologies, Inc. and remain NASDAQ-listed under a new ticker symbol. Shift's management team will continue to operate the combined company.

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