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Stock Alert: Insurance Acquisition Jumps 18% On Merger Deal With Shift Technologies

Shares of Insurance Acquisition Corp. (INSU), a unit of Cohen & Company Inc. (COHN) climbed more than 18% Monday morning to touch a new high of $14.91. The stock is currently trading at $13.90.

Insurance Acquisition today said it has entered into a definitive merger agreement with Shift Technologies, an automotive e-commerce company.

Upon closing the transaction, which is expected in the third quarter of this year, Insurance Acquisition plans to change its name to Shift Technologies and remain NASDAQ-listed under a new ticker symbol.

Under the terms of the agreement, Insurance Acquisition Corp. will combine with Shift for a consideration of about $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.

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