Kin Insurance and Omnichannel Acquisition Corp. (NYSE: OCA) have announced a definitive business combination agreement. The combined entity will retain Kin's name and is projected to be listed as "KI" on the NYSE. Kin aims to expand into new markets through the acquisition of an inactive insurance carrier with licenses in over 40 states. The transaction is expected to close in Q4 2021, contingent on regulatory and shareholder approvals. With technological advancements, Kin anticipates more than tripling its written premiums by 2021's end, reaching $400 million by 2023.
Omnichannel Acquisition Corp. (NYSE: OCA) received a notification from NYSE regarding non-compliance due to the late filing of its Quarterly Report (10-Q) for Q1 2021. The company has six months to rectify this. The notification does not affect the trading of OCA's securities currently. Additionally, based on an SEC statement, the company has reclassified its public and private placement warrants as liabilities instead of equity due to changes in accounting standards for SPACs.
Omnichannel Acquisition Corp. announced that as of January 12, 2021, holders of its IPO units (20,000,000 completed on November 24, 2020) can separately trade shares of Class A common stock (symbol: OCA) and warrants (symbol: OCA WS). Units not separated will continue to trade under the symbol OCA.U on the NYSE. The press release underscores the company's focus on pursuing business combinations within technology-enabled omnichannel businesses across various sectors.