logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
RELATED NEWS
Follow RTT