Clover Health SPAC Presentation Deck
Transaction Overview
Pro forma valuation
(SM except per shore values)
IPOC illustrative share price
Pro forma shares outstanding (M)|¹||
Total equity value
Net cash on balance sheet)
Total enterprise value
Total Enterprise Value / Revenue
4.2x (based on 2021E Revenue of $880 M)
2.1x (based on 2023E Revenue of $1,723M)
$10.00
443.5
$4,435
($733)
$3,702
Sources and uses
Sources
Cash from IPOC
Cash from PIPE (including co-investment)
Total sources
Uses
Cash to balance sheet
Secondary proceeds
Estimated transaction fees and expenses
Total uses
Total shares include 300.0 million rollover equity shares, 82.8 million IPOC public shares, 40.0 million shares from PIPE and 20.7 million IPOC founder shares (exclusive of PIPE shares).
Assumes no redemptions and no management awards. The terms of the management awards are subject to continuing negotiations between the parties, and as a result, the pro forma
ownership percentages displayed may differ. Any dilution with respect to such management awards may be bome by all shareholders
(2) Cash on balance sheet includes unrestricted cash and marketable securities less corporate debt as of June 30, 2020 plus $658 million of proceeds from this transaction.
$828
$400
$1,228
$668
$500
$60
$1,228View entire presentation