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Insight Acquisition Corp. has announced the pricing of its initial public offering (IPO) of 24 million units at $10.00 each, set to begin trading on the NYSE under the symbol ‘INAQ.U’ from September 2, 2021. The offering comprises Class A common stock and redeemable warrants, with the latter exercisable at $11.50 per share. The company, focused on FinTech and financial services, aims for mergers or acquisitions with firms valued between $750 million and $1.5 billion. Cantor Fitzgerald & Co. leads the offering, which includes a 45-day over-allotment option for underwriters.
On February 9, 2021, Metromile completed its business combination with INSU Acquisition Corp. II (NASDAQ: INAQ), now trading as Metromile, Inc. under the ticker symbol 'MILE' starting February 10, 2021. The transaction was funded by $230 million cash-in-trust and $170 million from a private placement. CEO Dan Preston emphasized the company’s commitment to technology-driven, personalized auto insurance. This merger is expected to enhance growth opportunities and end fixed-price auto insurance, positioning Metromile for sustainable growth and profitability.
INSU Acquisition Corp. II (NASDAQ: INAQ) announced that its stockholders approved the business combination with Metromile, a digital insurance platform. Over 99% of shares voted in favor during a special meeting on February 9, 2021. Following the transaction, INSU II expects to have approximately $400 million in proceeds, including $170 million from a private placement. The combined company will be renamed Metromile, Inc. and begin trading on NASDAQ under the ticker symbols 'MILE' and 'MILEW' starting February 10, 2021.
Ryan Graves, former senior VP of Uber, is investing $50 million in Metromile through his firm, Saltwater, joining notable backers like Mark Cuban and Chamath Palihapitiya. He will also join Metromile’s board post-merger with INSU Acquisition Corp. II (NASDAQ: INAQ). Graves commends Metromile for its innovative pay-per-mile insurance model, which offers significant savings compared to traditional insurers. The merger is set to occur in Q1 2021, rebranding INSU Acquisition Corp. II to Metromile, Inc., which will trade under the new ticker symbol “MILE.”
MetroMile announced it received regulatory approvals for its business combination with INSU Acquisition Corp. II (NASDAQ: INAQ). The Special Meeting for stockholders will take place virtually on February 9, 2021, allowing Class A and Class B shareholders to vote. If approved, the combination will close soon after, pending other conditions. MetroMile offers pay-per-mile auto insurance and licenses its technology globally, potentially resulting in efficiency and cost reductions for partner insurers.
INSU Acquisition Corp. II has announced the effectiveness of its Form S-4 registration statement concerning its upcoming business combination with MetroMile, Inc.. The definitive proxy statement/prospectus will be mailed to stockholders, with a Special Meeting scheduled for February 9, 2021, to vote on the transaction. Stockholders have until February 5, 2021, to exercise their redemption rights. The virtual meeting aims to ensure safety amid the COVID-19 pandemic, and further details on voting procedures are available in the filed materials.
On January 7, 2021, Metromile announced CEO Dan Preston will participate in a virtual fireside chat at the ICR Conference on January 12, 2021, at 9:30 AM ET. A live webcast will be available on Metromile’s website, with replays post-conference. Additionally, Metromile is set to close a business combination with INSU Acquisition Corp. II (NASDAQ: INAQ) in Q1 2021, after which it will operate as a subsidiary under the ticker symbol MILE. Metromile offers pay-per-mile auto insurance and has reported average savings of 47% for customers compared to traditional insurers.