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hey what is up everybody i am jason and watch my channel micro investor so in this video we're going to be talking about channel palahabitius social capital how they found a new company to merge with for their third space stock ticker symbol ipoc so for the last two spac stocks people were pretty excited about uh the first one was ipo a which ended up becoming virgin galactic ticker symbol sp ce and the second one ticker symbol ipob is still in the process of merging to become open door but ipoc people are not too excited about that one that is because it was originally announced that it was going to be an international tech company and so that's what people were expecting that was going to happen but instead that ended up not being the case instead they just announced that they're going to be merging with clover health in a 3.7 billion dollar deal so let's get a little bit more into this and if you guys don't mind please be sure to smash destroy and i like that like button because it does help me with youtube algorithm and help spread this video to more people that to this so on october 6 when it was announced that ipoc was going to be merging with clover health the stock crashed a whopping 13 and a half percent now a little bit of background on clover health investments they were founded in 2013 and have more than 57 000 members across seven states the company says they're the fastest growing medicare advantage insurer in the united states among other insurers with more than 50 000 members clover partners with primary care physicians using the software platform the clover assistant to give personalized insights at the point of care the deal with social capital implies the enterprise value of 3.7 billion dollars and will provide clover with up to 1.2 billion dollars in cash and proceeds including a fully committed pipe of 400 million dollars and up to 828 million dollars of cash held in a trust account of social capital now i'm not sure why social capital decided to merge ipoc with clover instead of the original plan of merging it with an international company but it could have something to do with a recent partnership that clover made last week clover announced a new partnership with walmart to make joint clover walmart plans available to 500 000 medicare eligibles in georgia so that's really good news and can possibly lead to a lot more member sign ups and that deal is only in georgia so if walmart and clover expand on that to even more states then there's a lot more possibilities to bring in a lot more revenue so personally for me i don't mind the fact that social capital chose to merge with clover with ticker symbol ipoc now anything that chamois palo habitat does he invest in i have a lot of faith behind it because i think that he makes really good decisions with social capital and not only that there are a lot more space coming with social capital there's ipod ipoe etc so there probably wasn't a good enough deal to do an international tech company merger just yet and there might be one that's coming up that they want to jump on but this was an opportunity that they probably wanted to take and that's why they took this once anyways like to hear everybody's opinions of this what do you think about social capital merging with clover so as always everybody please my
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