Clover Health Investments, Corp. (CLOV) the stock drops to $ 6.87 after-hours, from its close at $ 7.56 on November 15. The stock was up 5.59% during intraday trading, followed by a drop of 9.13% to an after-hours volume of 4.69 million. CLOV traded between $ 7.25 and $ 7.68 during the day. The stock hit a high of $ 28.85 and a low of $ 6.31 in the previous 52 weeks. Clover Health Investments, Corp. currently has a market capitalization of $ 3.24 billion.
The drop in stock was observed after CLOV announcement the public offering of class A ordinary shares proposed on November 15. Previously, CLOV had been on an uptrend since announcing the doubling of the average number of direct life contracts by 2022.
Clover Health Investments, Corp. is a technology company committed to improving health equity for the elderly, using its flagship software platform for the Clover Assistant.
CLOV’s Public Offer
According to the announcement, Clover Health has launched a binding takeover bid for 35,000,000 Class A common shares. Along with the offer, CLOV will also grant a 30-day option to purchase 5,250,000. additional shares to the underwriters. In addition, the details of the offer, like its completion, actual size, conditions, etc. depend on the market and other conditions.
According to the Company, the net proceeds of this offering will be used for working capital and general business purposes.
CLOV Q3 Report
On November 9, Clover Health released its financial results for the quarter ended September 30, 2021. Total revenue was $ 427.2 million, up 153% from 169, according to the results. million in the third quarter of 2020. Life under Clover management also increased 125% year over year to around 129,100. at the end of the quarter.
In addition, GAAP net loss for the third quarter of 2021 was $ 34.5 million compared to net income of $ 12.8 million for that of 2020. This quarter resulted in a basic net loss per share and diluted by $ 0.08, compared to earnings per basic and diluted share of $ 0.03 for that of 2020.
As at September 30, 2021, cash, cash equivalents and investments totaled $ 588.7 million.
The company said that CLOV recently released various new features for Clover Assistant. These features include: enhanced PCP workflows, interoperability features, and easy access to specialist oncology support services.
Clover Health’s president and chief technical officer has promised better prospects for the future of the company as we enter 2022.