Insurance Acquisition Corp. (INSU) Shareholders Approve Shift Deal

Insurance Acquisition Corp. (NASDAQ:INSU) filed an 8-K this morning showing that its shareholders have approved its business combination with online car marketplace Shift Technologies.

Shareholders cast their votes in a special meeting on the subject Tuesday morning and approved other proposals concerning the transaction, executive incentives and Board elections, by wide margins.

The SPAC did not disclose redemption figures in the filing, however.  But with a share price trading well above trust value, the amount of redemptions is expected to be zero or close to zero.

Insurance had an estimated $153.1 million in trust as of October 11, and brought in $185 million more in PIPE financing to support the deal.

The INSU/Shift deal marks the 29th SPAC transaction to complete in 2020  and beginning October 14, 2020, Shift’s shares of Class A common stock will trade on the Nasdaq under the ticker symbol “SFT” and warrants under ticker symbol “SFTTW.”

Additionally, Shift’s co-CEOs, George Arison and Toby Russell, will host an investor update call on October 14, 2020 at 8:00am EDT.

Conference Call Information

Shift’s founders and co-CEOs George Arison and Toby Russell will host a conference call on October 14, 2020 at 8:00 am EDT to discuss the close of the transaction and their entrance to the public market. An audio webcast of the call will be available on Shift’s investor relations website at https://investors.shift.com/. The call may also be accessed by dialing (833) 614-1395 for domestic callers or (914) 987-7116 for international callers and providing conference ID 7657773.