Clover Health Investment, trading under NASDAQ:CLOV, continues to weaken its public stock price, which depreciates the existing shareholder’s value. The recent share offering was announced on November 17, 2021. The continuation of stock offering by the management of Clover Health Investment shows the potential red flags to the current investors. There are negative social sentiments across all of the social media about the CLOV stock. It is clear that CLOV investors are confused, angry, and want more explanation from the management.
“Clover Health Investments, Corp. (Nasdaq: CLOV), (“Clover Health”), a technology company committed to improving health equity for seniors, today announced the pricing of its previously announced underwritten public offering of 52,173,913 shares of its Class A Common Stock at a price of $5.75 per share. In addition, Clover Health has granted the underwriters a 30-day option to purchase up to 7,826,086 additional shares of its Class A Common Stock at the public offering price, less the underwriting discounts and commissions. The aggregate gross proceeds to Clover Health from the offering are expected to be approximately $300 million, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriters’ option to purchase additional shares. All of the shares are being offered by Clover Health. The offering is expected to close on or about November 22, 2021, subject to the satisfaction of customary closing conditions.”
CLOV STOCK UPDATE: