Shift completed merger with Insurance Acquisition Corp.
Shift , an online platform for buying and selling used cars, and Insurance Acquisition Corp ., a publicly traded special purpose acquisition company sponsored by Cohen & Company, have announced the closing of their previously announced business combination. The business combination, which was approved on October 13, 2020, by INSU’s stockholders, brings the newest pure-play in the used car ecommerce market to the public markets. The transaction provides Shift with approximately $300 million, net of fees and expenses.
“Today marks an important milestone for our company. With the support of our shareholders, we have completed the merger with Insurance Acquisition Corp. and fortified our cash position with $300 million to invest in growing our business. We are thrilled to bring Shift to the public markets, fulfilling our long-term plan to be a publicly listed company.”- Shift co-CEO, George Arison.
“We started Shift in 2014 with a vision to transform the antiquated used car market, ripe for disruption. Through the strength of our technology suite and dedication of our employees, we have grown into a leading ecommerce platform, disrupting the more than $840 billion used car market. We accelerated year-over-year revenue growth to nearly 30% in the third quarter and continue to expect strong growth for the full year. We are pleased to enter the public market with this positive momentum and look forward to reporting our full third quarter financial results on our first earnings call in November.” – Shift Co-CEO, Toby Russell.
“We are pleased with the transaction’s completion. Today’s vote is a testament to our excitement, and the excitement of our shareholders, in bringing Shift to the public markets. We are confident in the strength of Shift’s management team and business model, and we look forward to seeing its continued success as a public company.” – Chairman of Insurance Acquisition Corp., said Daniel Cohen.