If You Invested in Insight Acquisition Corp. Warrant (INAQW)

INAQW refers to the warrants that were originally issued by INSU Acquisition Corp. II, a special purpose acquisition company (SPAC) focused on the insurance industry. INSU Acquisition Corp. II was sponsored by Cohen & Company, LLC, a subsidiary of Cohen & Company Inc., and its securities were listed on the Nasdaq Capital Market. The company’s units, common stock, and warrants were identified by the symbols INAQU, INAQ, and INAQW, respectively.

According to public announcements, INSU Acquisition Corp. II was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, with a stated focus on the insurance industry. The company completed an initial public offering of units, each consisting of one share of Class A common stock and one-third of one warrant, with each whole warrant exercisable for one share of Class A common stock at a specified exercise price.

Subsequent communications describe the progression of INSU Acquisition Corp. II from its initial public offering through to a business combination. The company announced the pricing and then the completion of its initial public offering of units, followed by the commencement of separate trading of the Class A common shares and warrants. These steps are typical in the lifecycle of a SPAC as it moves from capital raising to identifying and combining with a target business.

Later, INSU Acquisition Corp. II disclosed that it had entered into a business combination agreement with Metromile, Inc., described as a digital insurance platform and pay-per-mile auto insurer. Stockholders of INSU Acquisition Corp. II approved this business combination. Following completion of the transaction, the combined company was named Metromile, Inc., and its common stock and warrants were expected to trade on Nasdaq under the symbols MILE and MILEW, respectively, with trading of these securities commencing on a specified historical date.

Because INAQW represents the warrants associated with INSU Acquisition Corp. II prior to the closing of the business combination, the symbol is primarily of historical interest in connection with the SPAC’s capital structure and its transition into the combined Metromile entity. Investors researching INAQW are often examining the original warrant terms, the SPAC’s stated focus on the insurance industry, and the subsequent merger with Metromile, Inc.

Business purpose and SPAC structure

INSU Acquisition Corp. II is described in its public communications as a blank-check company formed to pursue a business combination, with a focus on businesses or entities in the insurance industry. As a SPAC, it raised capital through an initial public offering of units, which included Class A common stock and warrants. The proceeds of the offering were held in a trust account to be used in connection with a future business combination, subject to stockholder approval and redemption rights.

The company’s disclosures highlight that it was listed on Nasdaq under the symbols INAQU for units, with the Class A common stock and warrants expected to trade separately under INAQ and INAQW once the components of the units began separate trading. Subsequent announcements confirm that holders of the units could elect to separately trade the Class A common shares and warrants, and that those securities were expected to trade under the INAQ and INAQW symbols.

Business combination with Metromile, Inc.

Public announcements describe a definitive business combination between INSU Acquisition Corp. II and Metromile, Inc. Metromile is characterized as a digital insurance platform and pay-per-mile auto insurer, and as a company that licenses its technology platform through a cloud-based software-as-a-service offering to insurance companies. INSU Acquisition Corp. II disclosed that its stockholders approved the business combination and that, upon closing, the combined company would be renamed Metromile, Inc.

The communications further state that, following the close of the business combination, the combined company’s common stock and warrants would trade on Nasdaq under the ticker symbols MILE and MILEW, respectively, beginning on a specified historical date. Another announcement notes that Metromile, Inc. would become a wholly owned subsidiary of INSU Acquisition Corp. II, renamed as Metromile Operating Company, and that the publicly traded company would be renamed Metromile, Inc., with its securities expected to remain listed on Nasdaq under the new symbols.

Historical context for INAQW

Given these disclosures, INAQW is best understood as a historical warrant symbol associated with INSU Acquisition Corp. II prior to and through the completion of its business combination with Metromile, Inc. The warrants were originally issued as part of the SPAC’s units and later traded separately. After the business combination, references in public communications indicate that the warrants of the combined company were expected to trade under the symbol MILEW, reflecting the new Metromile, Inc. name.

Researchers and investors looking at INAQW today are typically examining the SPAC’s formation, its focus on the insurance industry, the structure of its units and warrants, and the completed transaction with Metromile, Inc. The symbol provides a link to the pre-combination capital structure and the transition from a blank-check company to a combined operating company in the insurance technology space.