Shift to go public later this year by agreeing to combine with INSU today
We are very excited to announce that Shift has entered into an agreement to combine with a special purpose acquisition company (SPAC) called Insurance Acquisition Corp. (NASDAQ: INSU).
As part of the business combination, INSU has raised $185MM in commitments from investors to purchase INSU equity capital, which cash would be available to the combined company following the completion of the business combination, in addition to potential proceeds from the SPAC trust, which currently stands at >$150MM.
We last wrote on our blog in late March when we had to announce some very painful decisions that affected our team and business stemming from the COVID pandemic and economic uncertainty. Facing some of the most challenging headwinds we could have ever imagined, our team nonetheless persevered, continuing to service our customers as they searched for alternative means of transportation. To be here now, announcing this milestone, is a testament to our incredible team that has worked so tirelessly to bring Shift to this stage.
Shift started selling cars in 2014 with a mission to simplify buying and selling of used cars. Offering consumers a complete car buying and selling relationship, it has combined a powerful technology platform with an omnichannel sales approach to redesign the car buying experience, especially through our patented test-drive-delivered-to-customer service. By combining its ability to quickly and accurately evaluate, price, recondition and sell cars across the entire value spectrum with its unique white glove service, Shift has seen meaningful market penetration in its core markets as customers appreciate the breadth of selections and convenience.
This transaction represents a tremendous opportunity for our company. Once completed, we expect it to significantly enhance our ability to scale our technology and operations, accelerate our growth, and continue on our mission to make car buying simple, fair and accessible to all. We are targeting to finalize the combination toward the end of Q3’2020, following the SEC review process and the completion of various conditions to closing, including among other things certain regulatory and stockholder approvals.
We want to close out with a huge shout-out to the many people who’ve helped us along the way. We’ve known each other for nearly 25 years, and each of our journeys in life and business reflect the incredible promise and opportunity of our wonderful country, in which entrepreneurship is able to flourish unlike anywhere else. None of this would be possible without the support of so many who have been with us along the way, both at Shift and in life. From our teachers and mentors, to our investors, to the hundreds of team members who have worked at Shift over the years, to our families and friends who have put up with us working non-stop hours, we owe a huge thank you.
Of course, today’s announcement is a big deal for Shift, but the hard work does not stop now. We are excited about what lies ahead. Onward!
George & Toby