{ "schema_version": "0.2", "slug": "clover-health-2021-despac", "record_status": "research-profile", "analysis_as_of": "2026-08-02", "issuer": { "legal_name": "Clover Health Investments, Corp.", "ticker": "CLOV", "exchange": "Nasdaq", "cik": "0001801170", "sic": "6324", "industry": "Hospital and medical service plans", "country": "United States" }, "transaction": { "type": "de-spac", "dates": { "first_public_filing": "2020-02-28", "sec_effectiveness": "2020-03-13", "pricing": "2020-04-21", "first_trading": "2020-04-22", "merger_announcement": "2020-10-06", "shareholder_approval": "2021-01-06", "despac_completion": "2021-01-07", "super_8k": "2021-01-12" }, "price_per_share_usd": 10, "primary_shares": 82800000, "gross_primary_proceeds_usd": 828000000, "post_offering_basic_shares": 404440809, "source_ids": [ "S001", "S006" ] }, "despac": { "spac_name": "Social Capital Hedosophia Holdings Corp. III", "spac_cik": "0001801170", "sponsor": "SCH Sponsor III LLC", "spac_ipo_date": "2020-04-22", "trust_at_ipo_usd": 828000000, "trust_before_redemptions_usd": 828117255.15, "redeemed_shares": 24892, "redemption_percent": 0.03, "cash_remaining_in_trust_usd": 827868299.9, "pipe_usd": 400000000, "founder_shares": 20700000, "source_ids": [ "S001", "S006" ] }, "ownership": { "controlled_company": false, "holders": [ { "name": "SCH Sponsor III LLC (founder shares converted at closing)", "post_transaction_percent": 5.12, "source_ids": [ "S006" ] } ] }, "sources_and_uses": [ { "event": "SPAC IPO gross proceeds placed in trust", "amount_usd": 828000000, "recipient_or_use": "Trust account for the benefit of public shareholders", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Private placement warrants purchased by sponsor", "amount_usd": 16400000, "recipient_or_use": "Social Capital Hedosophia Holdings Corp. III", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Founder shares subscribed by sponsor", "amount_usd": 25000, "recipient_or_use": "Social Capital Hedosophia Holdings Corp. III", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Redemptions paid to public shareholders electing redemption", "amount_usd": -248955.25, "recipient_or_use": "Redeeming public shareholders", "classification": "reported", "source_ids": [ "S006" ] }, { "event": "PIPE investment at closing (40,000,000 shares at $10.00)", "amount_usd": 400000000, "recipient_or_use": "Clover Health Investments, Corp.", "classification": "reported", "source_ids": [ "S006" ] }, { "event": "Cash component of the merger consideration", "amount_usd": -499751044.75, "recipient_or_use": "Selling holders of Clover Health equity", "classification": "reported", "source_ids": [ "S006" ] }, { "event": "Deferred underwriting commissions payable at business combination", "amount_usd": -28980000, "recipient_or_use": "Underwriters", "classification": "reported", "source_ids": [ "S001" ] } ], "valuation_at_transaction": { "reference_period": "At closing" }, "financials_usd": [ { "label": "FY2020", "period_end": "2020-12-31", "revenue": 672888000, "operating_income": -92707000, "net_income": -136392000, "source_ids": [ "S009", "S011", "S014" ], "kpis": { "cash_usd": 92348000, "stockholders_equity_usd": -617096000, "insurance_premiums_earned_net_usd": 665698000, "insurance_net_medical_claims_incurred_usd": 591038000, "insurance_medical_care_ratio_net_percent": 88.8, "adjusted_ebitda_usd": -85074000 } }, { "label": "FY2021", "period_end": "2021-12-31", "revenue": 1471996000, "operating_income": -636992000, "net_income": -587756000, "source_ids": [ "S009", "S011", "S015" ], "kpis": { "cash_usd": 299968000, "stockholders_equity_usd": 535414000, "insurance_premiums_earned_net_usd": 799414000, "insurance_net_medical_claims_incurred_usd": 847286000, "insurance_medical_care_ratio_net_percent": 106, "adjusted_ebitda_usd": -343737000, "premium_deficiency_reserve_expense_usd": 110628000 } }, { "label": "FY2022", "period_end": "2022-12-31", "revenue": 1096552000, "operating_income": -286664000, "net_income": -339567000, "source_ids": [ "S009", "S012", "S016", "S024" ], "kpis": { "cash_usd": 103791000, "stockholders_equity_usd": 347738000, "insurance_premiums_earned_net_usd": 1084869000, "insurance_net_medical_claims_incurred_usd": 996410000, "insurance_medical_care_ratio_net_percent": 91.8, "adjusted_ebitda_usd": -290394000, "stockholders_equity_usd_note": "As reported in the fiscal 2022 Form 10-K. Restated to $356,887,000 from the first quarter of 2023 by the cumulative-effect adjustment described in the accounting section.", "stockholders_equity_after_policy_change_usd": 356887000, "net_income_as_first_reported_usd": -338844000 } }, { "label": "FY2023", "period_end": "2023-12-31", "revenue": 1260543000, "operating_income": -205329000, "net_income": -213361000, "source_ids": [ "S009", "S013", "S010" ], "kpis": { "cash_usd": 122863000, "insurance_premiums_earned_net_usd": 1235769000, "insurance_net_medical_claims_incurred_usd": 1003683000, "insurance_medical_care_ratio_net_percent": 81.2, "adjusted_ebitda_usd": -41555000 } }, { "label": "FY2024", "period_end": "2024-12-31", "revenue": 1371131000, "operating_income": -45749000, "net_income": -43009000, "source_ids": [ "S009", "S010" ], "kpis": { "cash_usd": 194543000, "insurance_premiums_earned_net_usd": 1344881000, "insurance_net_medical_claims_incurred_usd": 1010289000, "insurance_medical_care_ratio_net_percent": 75.1, "adjusted_ebitda_usd": 70091000 } }, { "label": "FY2025", "period_end": "2025-12-31", "revenue": 1924308000, "operating_income": -85529000, "net_income": -85549000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 78301000 } } ], "trading": [ { "measurement": "At closing", "date": "2021-01-07", "close_usd": 16.02, "return_from_transaction_price_percent": 60.2, "benchmark_return_percent": 0, "relative_return_percent": 60.2, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "One month", "date": "2021-02-08", "close_usd": 12.37, "return_from_transaction_price_percent": 23.7, "benchmark_return_percent": 2.94, "relative_return_percent": 20.76, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Three months", "date": "2021-04-07", "close_usd": 7.35, "return_from_transaction_price_percent": -26.5, "benchmark_return_percent": 7.26, "relative_return_percent": -33.76, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Six months", "date": "2021-07-07", "close_usd": 9.72, "return_from_transaction_price_percent": -2.8, "benchmark_return_percent": 14.57, "relative_return_percent": -17.37, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Twelve months", "date": "2022-01-07", "close_usd": 3.16, "return_from_transaction_price_percent": -68.4, "benchmark_return_percent": 22.96, "relative_return_percent": -91.36, "source_ids": [ "S008" ], "approximate": false } ], "advisers": { "lead_underwriters": [ "Credit Suisse" ], "source_ids": [ "S001" ] }, "facts": { "units_sold": { "value": 82800000, "source_ids": [ "S001", "S006" ], "note": "72,000,000 base units plus full exercise of the 10,800,000-unit over-allotment option, confirmed by the warrant count and trust balance reported at closing" }, "unit_price_usd": { "value": 10, "source_ids": [ "S001" ] }, "warrant_exercise_price_usd": { "value": 11.5, "source_ids": [ "S001" ] }, "founder_shares_subscribed": { "value": 17250000, "source_ids": [ "S001" ], "note": "Subscribed January 2020 for $25,000 in aggregate; increased by a share capitalization effected April 21, 2020" }, "founder_share_aggregate_price_usd": { "value": 25000, "source_ids": [ "S001" ] }, "founder_share_transfers": { "value": "100,000 founder shares transferred to each of Jacqueline D. Reses and Dr. James Ryans in March 2020 at the original per-share purchase price", "source_ids": [ "S001" ] }, "private_placement_warrants": { "value": 10933333, "source_ids": [ "S001" ] }, "private_placement_warrant_price_usd": { "value": 1.5, "source_ids": [ "S001" ] }, "deferred_underwriting_usd": { "value": 28980000, "source_ids": [ "S001" ] }, "redemption_price_per_share_usd": { "value": 10.0141613, "source_ids": [ "S006" ] }, "aggregate_redemption_payment_usd": { "value": 248955.25, "source_ids": [ "S006" ] }, "trust_balance_immediately_prior_to_closing_usd": { "value": 827868299.9, "source_ids": [ "S006" ], "note": "Stated after taking into account redemptions" }, "cash_component_of_merger_consideration_usd": { "value": 499751044.75, "source_ids": [ "S006" ] }, "pipe_shares": { "value": 40000000, "source_ids": [ "S006" ] }, "pipe_agreement_date": { "value": "2020-10-05", "source_ids": [ "S006" ] }, "class_a_shares_after_closing": { "value": 143475108, "source_ids": [ "S006" ] }, "class_b_shares_after_closing": { "value": 260965701, "source_ids": [ "S006" ] }, "warrants_outstanding_after_closing": { "value": 38533271, "source_ids": [ "S006" ] }, "dual_class_structure": { "value": true, "source_ids": [ "S006", "S010" ], "note": "Class A one vote per share, Class B ten votes per share; Class B converts to Class A on transfer subject to limited exceptions" }, "exchange_at_spac_ipo": { "value": "New York Stock Exchange", "source_ids": [ "S003", "S006" ] }, "exchange_after_closing": { "value": "Nasdaq", "source_ids": [ "S006" ] }, "redeemed_shares_reported": { "value": 24892, "source_ids": [ "S006" ], "note": "Stated share count. Does not reconcile with the stated aggregate redemption payment; see C015." }, "pipe_aggregate_purchase_price_usd": { "value": 400000000, "source_ids": [ "S006" ] }, "pipe_price_per_share_usd": { "value": 10, "source_ids": [ "S006" ] }, "pipe_shares_purchased_by_sponsor_affiliates": { "value": 15500000, "source_ids": [ "S006" ], "note": "Purchased by affiliates of SCH Sponsor III LLC, defined in the filing as the Sponsor Related PIPE Investors" }, "special_meeting_date": { "value": "2021-01-06", "source_ids": [ "S006" ] }, "restatement_cause": { "value": "Reclassification of the ACO REACH line of business to discontinued operations as of January 1, 2024, with prior periods conformed, following notification to CMS on December 1, 2023 of withdrawal for the 2024 performance year", "source_ids": [ "S010" ] }, "class_b_votes_per_share": { "value": 10, "source_ids": [ "S010" ] }, "class_a_votes_per_share": { "value": 1, "source_ids": [ "S010" ] }, "class_b_control_threshold_shares": { "value": 65240552, "source_ids": [ "S010" ], "note": "Class B holders control the outcome of matters submitted to a stockholder vote so long as this number of Class B shares remains outstanding" }, "insider_voting_power_percent_2024": { "value": 72, "source_ids": [ "S010" ], "note": "Directors, executive officers and their affiliates, at December 31, 2024" } }, "sources": [ { "id": "S001", "title": "Social Capital Hedosophia Holdings Corp. III final prospectus for its initial public offering", "form": "424B4", "filed": "2020-04-23", "accession": "0001104659-20-050329", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000110465920050329/tm2016603-1_424b4seq1.htm", "pinpoint_sections": [ "Cover page: $720,000,000 / 72,000,000 units at $10.00 per unit", "Summary of the Prospectus — The Offering: trust funding, founder shares, private placement warrants", "Cover page footnotes: deferred underwriting commissions" ] }, { "id": "S002", "title": "Social Capital Hedosophia Holdings Corp. III registration statement", "form": "S-1", "filed": "2020-02-28", "accession": "0001104659-20-027174", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000110465920027174/0001104659-20-027174-index.htm", "pinpoint_sections": [ "Filing date, form type and filer identity" ] }, { "id": "S003", "title": "Exchange Act registration of units, Class A ordinary shares and warrants", "form": "8-A12B", "filed": "2020-03-13", "accession": "0001104659-20-033131", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000110465920033131/0001104659-20-033131-index.htm", "pinpoint_sections": [ "Filing date, form type and securities registered" ] }, { "id": "S004", "title": "Registration statement on Form S-4 for the proposed business combination", "form": "S-4", "filed": "2020-10-20", "accession": "0001193125-20-272347", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312520272347/0001193125-20-272347-index.htm", "pinpoint_sections": [ "Filing date, form type and registrant identity" ] }, { "id": "S005", "title": "Definitive proxy statement/prospectus for the business combination", "form": "DEFM14A", "filed": "2020-12-14", "accession": "0001193125-20-316042", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312520316042/0001193125-20-316042-index.htm", "pinpoint_sections": [ "Filing date and form type", "Projected Financial Information, p. 149: summary projection table for 2020E-2023E", "Projected Financial Information, p. 149: premiums earned, average Medicare Advantage members and net medical claims assumptions", "Projected Financial Information, pp. 148-149: preparation basis and cautionary language", "Information About Clover, Management's Discussion and Analysis, Adjusted EBITDA and EBITDA Margin, pp. 286–287", "Summary of the Proxy Statement/Prospectus, Adjusted EBITDA and Adjusted EBITDA Margin, pp. 30–31", "Risk Factors: neither the SCH board nor any committee obtained a third party valuation in determining whether to pursue the Business Combination", "Background to the Business Combination: Connaught and Credit Suisse were not engaged to render, and did not render, a fairness opinion", "Interests of SCH's Directors and Executive Officers in the Business Combination: Mr. Palihapitiya's indirect economic interest through an entity that made a $500,000 passive investment in Clover in 2015 and an entity that will receive 10,000,000 shares as a Sponsor Related PIPE Investor", "Interests of SCH's Directors and Executive Officers in the Business Combination: the Sponsor Related PIPE Investors subscribed for $155,000,000 of the PIPE Investment for 15,500,000 shares", "Summary, SCH's Board of Directors' Reasons for the Business Combination, Attractive Entry Valuation: an anticipated initial post-transaction enterprise value of $3.702 billion, implying a 4.2x multiple of 2021 projected revenue and a 2.1x multiple of 2023 projected revenue", "Background to the Business Combination, p. 133: SCH management's valuation was based on projected Medicare Advantage membership, revenue and EBITDA as projected by Clover's management, the business plan, and comparable companies including Oak Street Health, SelectQuote, GoHealth, eHealth, One Medical, Teladoc Health and Livongo Health, implying 2021 projected revenue multiples of 8.7x, 3.6x, 5.1x, 2.1x, 9.3x, 20.3x and 29.8x on market data as of August 21, 2020" ] }, { "id": "S006", "title": "Current report on the completion of the business combination", "form": "8-K", "filed": "2021-01-12", "accession": "0001193125-21-007348", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312521007348/d63659d8k.htm", "pinpoint_sections": [ "Introductory Note: redemption price, aggregate redemption payment and trust balance immediately prior to closing", "Introductory Note: cash component of the merger consideration", "Introductory Note — Pipe Investment: subscription agreements dated October 5, 2020 and shares issued", "Introductory Note: Class A, Class B and warrant counts outstanding after the transactions", "Cover page: securities registered on The Nasdaq Stock Market LLC", "Introductory Note: cessation of NYSE trading", "Item 5.02: 30,641,401 shares of Class A Common Stock issuable under the 2020 Equity Incentive Plan", "Item 5.02: 2,785,582 shares of Class A Common Stock issuable under the 2020 Employee Stock Purchase Plan", "Item 5.02: 33,426,983 shares of Class B Common Stock issuable under the Management Incentive Plan, granted in full at closing as 22,284,655 RSUs to Mr. Garipalli and 11,142,328 to Mr. Toy", "Item 5.02: Pre-Closing Founder Grants under the 2014 Plan of performance-based RSUs covering 7,164,581 Class B shares to Mr. Garipalli and 3,582,291 to Mr. Toy" ] }, { "id": "S007", "title": "EDGAR company submissions record for CIK 0001801170", "publisher": "U.S. Securities and Exchange Commission", "form": "EDGAR index", "filed": "2026-08-01", "url": "https://data.sec.gov/submissions/CIK0001801170.json", "pinpoint_sections": [ "formerNames: 'Social Capital Hedosophia Holdings Corp. III' from 2020-01-31 to 2021-01-07", "Filing history, exchange and SIC metadata" ] }, { "id": "S008", "title": "CLOV and S&P 500 daily closing price series", "publisher": "Yahoo Finance", "form": "Market-data table", "accessed": "2026-08-01", "url": "https://finance.yahoo.com/quote/CLOV/history/", "pinpoint_sections": [ "Daily closing series for CLOV from 2021-01-07", "Benchmark: S&P 500 (^GSPC) daily closing series over the same window" ] }, { "id": "S009", "title": "SEC XBRL company facts for CIK 0001801170 (CLOVER HEALTH INVESTMENTS, CORP. /DE)", "publisher": "U.S. Securities and Exchange Commission", "form": "XBRL company facts", "accessed": "2026-08-01", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001801170.json", "pinpoint_sections": [ "FY2020 cash: Form 10-K accession 0001801170-23-000015", "FY2020 net income: Form 10-K accession 0001801170-23-000015", "FY2020 operating income: Form 10-K accession 0001801170-23-000015", "FY2020 revenue: Form 10-K accession 0001801170-23-000015", "FY2020 stockholders equity: Form 10-K accession 0001801170-22-000015", "FY2021 cash: Form 10-K accession 0001801170-24-000064", "FY2021 net income: Form 10-K accession 0001801170-24-000064", "FY2021 operating income: Form 10-K accession 0001801170-24-000064", "FY2021 revenue: Form 10-K accession 0001801170-24-000064", "FY2021 stockholders equity: Form 10-K accession 0001801170-23-000015", "FY2022 cash: Form 10-K accession 0001801170-25-000052", "FY2022 net income: Form 10-K accession 0001801170-25-000052", "FY2022 operating income: Form 10-K accession 0001801170-25-000052", "FY2022 revenue: Form 10-K accession 0001801170-25-000052", "FY2022 stockholders equity: Form 10-K accession 0001801170-23-000015", "FY2023 cash: Form 10-K accession 0001801170-26-000057", "FY2023 net income: Form 10-K accession 0001801170-26-000057", "FY2023 operating income: Form 10-K accession 0001801170-26-000057", "FY2023 revenue: Form 10-K accession 0001801170-26-000057", "FY2024 cash: Form 10-K accession 0001801170-26-000057", "FY2024 net income: Form 10-K accession 0001801170-26-000057", "FY2024 operating income: Form 10-K accession 0001801170-26-000057", "FY2024 revenue: Form 10-K accession 0001801170-26-000057", "FY2025 cash: Form 10-K accession 0001801170-26-000057", "FY2025 net income: Form 10-K accession 0001801170-26-000057", "FY2025 operating income: Form 10-K accession 0001801170-26-000057", "FY2025 revenue: Form 10-K accession 0001801170-26-000057", "FY2021 accumulated deficit and FY2022 net income, prior reports: accumulated deficit at December 31, 2021 of $(1,616,738,000) in the fiscal 2021 and fiscal 2022 annual reports and $(1,616,015,000) from the first quarter of 2023; fiscal 2022 net loss of $338,844,000 in the fiscal 2022 annual report and $339,567,000 from the fiscal 2023 annual report" ] }, { "id": "S010", "title": "Clover Health Investments, Corp. annual report for the year ended December 31, 2024", "form": "10-K", "filed": "2025-03-03", "accession": "0001801170-25-000052", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117025000052/clov-20241231.htm", "pinpoint_sections": [ "MD&A: notification to CMS on December 1, 2023 of withdrawal from the ACO REACH Model for the 2024 performance year", "MD&A: the line of business met the definition of discontinued operations as of January 1, 2024 and prior periods were conformed", "Note 22, Discontinued Operations", "Risk Factors: Class B common stock carries 10 votes per share and Class A one vote per share", "Risk Factors: 72.0% of voting power held by directors, executive officers and their affiliates at December 31, 2024", "Risk Factors: Class B control persists so long as 65,240,552 Class B shares remain outstanding; transfers generally convert Class B to Class A", "Note 13, Commitments and Contingencies, Securities Class Actions, Derivative Litigation and Investigations: the SEC Division of Enforcement notified the company by letter dated September 26, 2024 that it had concluded the investigation and did not intend to recommend an enforcement action", "Note 13: consolidation of the class actions under Bond in April 2021, memorandum of understanding of April 21, 2023, court approval and dismissal with prejudice on October 3, 2023, a $22 million class recovery and $19.5 million of insurance proceeds used to fund it", "Note 13: seven shareholder derivative actions, binding memorandum of understanding of June 21, 2023, stipulation of February 5, 2024, final judgment of July 11, 2024, no monetary payment other than $2,500,000 of plaintiffs' counsel fees and a set of corporate governance enhancements", "Note 13, Bylaw Litigation: Taylor v. Clinton filed March 26, 2024 in the Delaware Court of Chancery, bylaw amendment in June 2024, voluntary dismissal and a $250,000 fee payment agreed October 23, 2024" ] }, { "id": "S011", "title": "Clover Health Investments, Corp. annual report for the year ended December 31, 2021", "form": "10-K", "filed": "2022-02-28", "accession": "0001801170-22-000015", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117022000015/clov-20211231.htm", "pinpoint_sections": [ "MD&A, Medicare Advantage: premiums earned net, MA net medical claims incurred and medical care ratio net for 2021 and 2020, p. 62" ] }, { "id": "S012", "title": "Clover Health Investments, Corp. annual report for the year ended December 31, 2022", "form": "10-K", "filed": "2023-03-01", "accession": "0001801170-23-000015", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117023000015/clov-20221231.htm", "pinpoint_sections": [ "MD&A, Insurance segment: premiums earned net, Insurance net medical claims incurred and medical care ratio net for 2022 and 2021, p. 56", "MD&A: definition of medical care ratio as total Insurance medical claim expenses incurred divided by premiums earned, p. 57", "Note 21, Commitments and Contingencies, Securities Class Actions, Derivative Litigation and Investigations: SEC subpoenas from February 2021, the four putative class actions filed in the Middle District of Tennessee and the claims asserted" ] }, { "id": "S013", "title": "Clover Health Investments, Corp. annual report for the year ended December 31, 2023", "form": "10-K", "filed": "2024-03-14", "accession": "0001801170-24-000064", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117024000064/clov-20231231.htm", "pinpoint_sections": [ "MD&A, Insurance segment: premiums earned net, Insurance net medical claims incurred and medical care ratio net for 2023 and 2022, p. 60" ] }, { "id": "S014", "title": "Clover Health Investments, Corp. fourth quarter and full year 2021 results, Exhibit 99.1 earnings release", "form": "8-K", "filed": "2022-02-23", "accession": "0001801170-22-000011", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117022000011/a12312021-earningsrelease.htm", "pinpoint_sections": [ "Adjusted EBITDA and Normalized Adjusted EBITDA reconciliation: full year 2021 and 2020", "Appendix A, Non-GAAP definitions: Adjusted EBITDA and Normalized Adjusted EBITDA" ] }, { "id": "S015", "title": "Clover Health Investments, Corp. fourth quarter and full year 2022 results, Exhibit 99.1 earnings release", "form": "8-K", "filed": "2023-02-28", "accession": "0001801170-23-000012", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117023000012/a12312022-earningsrelease.htm", "pinpoint_sections": [ "Adjusted EBITDA (non-GAAP) reconciliation: full year 2022 and 2021", "Financial highlights, note 4: updated definition and presentation of Adjusted EBITDA to exclude gain on extinguishment of note payable", "Appendix A, Non-GAAP definitions: Adjusted EBITDA" ] }, { "id": "S016", "title": "Clover Health Investments, Corp. fourth quarter and full year 2023 results, Exhibit 99.1 earnings release", "form": "8-K", "filed": "2024-03-12", "accession": "0001801170-24-000063", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117024000063/a12312023-earningsrelease.htm", "pinpoint_sections": [ "Adjusted EBITDA (non-GAAP) reconciliation: full year 2023 and 2022", "Appendix A, Non-GAAP definitions: Adjusted EBITDA" ] }, { "id": "S017", "title": "Response of Social Capital Hedosophia Holdings Corp. III to SEC staff comments on the Form S-4, filed with Amendment No. 1", "form": "CORRESP", "filed": "2020-11-19", "accession": "0001193125-20-298450", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312520298450/filename1.htm", "pinpoint_sections": [ "Comment 3 and response: the Section 4(a)(2) analysis, 29 PIPE offerees counting affiliated funds as one, and the PIPE shares to be purchased by persons who are existing directors, officers or equityholders of the sponsor and the sponsor's affiliates equalling approximately 3.5% of shares outstanding against 5.5% for all other persons", "Comment 6 and response: summarise the most significant risk factors including the lack of a third party valuation for the Business Combination", "Comment 9 and response: quantify Mr. Palihapitiya's indirect economic interest, including the $500,000 passive investment in Clover made in 2015 by an affiliated entity and that entity's participation in the PIPE as a Sponsor Related PIPE Investor", "Comment 12 and response: reconcile the description of an extensive search against disclosure that focuses on Clover from June 3, 2020", "Comment 13 and response: clarify how SCH management determined that enterprise values of $3.2 billion and then $3.5 billion were fair", "Comment 14 and response: disclose whether management believes the projections were prepared on a reasonable basis" ] }, { "id": "S018", "title": "Response of Social Capital Hedosophia Holdings Corp. III to SEC staff comments on Amendment No. 1 to the Form S-4, filed with Amendment No. 2", "form": "CORRESP", "filed": "2020-12-09", "accession": "0001193125-20-313420", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312520313420/filename1.htm", "pinpoint_sections": [ "Comment 2 and response: show how the fully diluted company common share amounts of 169,390,077 and 169,367,461 were computed under Scenario I and Scenario II", "Comment 3 and response: tax counsel to remove the limitation that the opinion is furnished to the board solely for its benefit" ] }, { "id": "S019", "title": "Current report on the consummation of the initial public offering of Social Capital Hedosophia Holdings Corp. III", "form": "8-K", "filed": "2020-04-24", "accession": "0001104659-20-051086", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000110465920051086/tm2016603d2_8k.htm", "pinpoint_sections": [ "Item 8.01 Other Events: 82,800,000 units sold on April 24, 2020 including 10,800,000 units issued on exercise of the underwriters' over-allotment option, gross proceeds of $828,000,000", "Item 8.01 Other Events: private sale of 10,933,333 private placement warrants at $1.50 to SCH Sponsor III LLC for $16,400,000", "Item 8.01 Other Events: $828,000,000 placed in trust at JP Morgan Chase Bank, N.A. with Continental Stock Transfer & Trust Company as trustee" ] }, { "id": "S020", "title": "Current report furnishing Clover Health's response to an article published by Hindenburg Research LLC, Exhibit 99.1", "form": "8-K", "filed": "2021-02-05", "accession": "0001193125-21-029637", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312521029637/d66346d8k.htm", "pinpoint_sections": [ "Item 7.01 Regulation FD Disclosure: response to an article by Hindenburg Research dated February 4, 2021, furnished as Exhibit 99.1", "Exhibit 99.1, question 1: the company states it and the SCH chief executive officer were aware of a Department of Justice inquiry and concluded, consistent with the views of outside counsel to Clover, to Social Capital and to the IPO underwriters, that the fact of the request was not material and not required to be specifically disclosed", "Exhibit 99.1, question 3: the company states it had received no civil investigative demands or subpoenas from the Department of Justice and responded to a request for information on a voluntary basis" ] }, { "id": "S021", "title": "Current report on receipt of a letter from the SEC indicating an investigation", "form": "8-K", "filed": "2021-02-05", "accession": "0001193125-21-029629", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312521029629/d29087d8k.htm", "pinpoint_sections": [ "Item 8.01 Other Events: the company received a letter from the SEC indicating that it is conducting an investigation and requesting document and data preservation for the period from January 1, 2020 to the present, relating to certain matters referenced in the article" ] }, { "id": "S022", "title": "Resale registration statement on Form S-1 for shares issued in the business combination and the PIPE Investment", "form": "S-1", "filed": "2021-01-13", "accession": "0001193125-21-007853", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000119312521007853/d91397ds1.htm", "pinpoint_sections": [ "Selling Securityholders: resale of up to 314,837,535 shares of Class A common stock, including 40,000,000 PIPE shares and 20,700,000 founder shares", "Selling Securityholders table: ChaChaCha SPAC C LLC 10,000,000 shares; Hedosophia Public Investments Limited 5,000,000 shares; CH Capital SPV LLC 500,000 shares; SCH Sponsor III LLC 20,500,000 shares and 10,933,333 private placement warrants", "Selling Securityholders footnote 2: Mr. Palihapitiya beneficially owns shares held by ChaChaCha SPAC C LLC by virtue of his voting and investment control, and all such shares are pledged to Credit Suisse AG, New York Branch as collateral for a loan agreement", "Selling Securityholders footnote 19: Ian Osborne, Iain Stokes and Rob King each serve on the board of Hedosophia Public Investments Limited and share voting and dispositive power over its shares", "Selling Securityholders footnote 13: Jeff Lo has voting and investment control over the shares held by CH Capital SPV LLC", "Selling Securityholders table: 44,173,855 shares of Class A common stock reserved for issuance on conversion of Class B common stock issuable on settlement of restricted stock units" ] }, { "id": "S023", "title": "Clover Health Investments, Corp. quarterly report for the period ended March 31, 2026", "form": "10-Q", "filed": "2026-05-08", "accession": "0001801170-26-000122", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117026000122/clov-20260331.htm", "pinpoint_sections": [ "Cover page: 430,969,398 shares of Class A common stock and 95,714,926 shares of Class B common stock issued and outstanding at May 1, 2026" ] }, { "id": "S024", "title": "Clover Health Investments, Corp. quarterly report for the period ended March 31, 2023", "form": "10-Q", "filed": "2023-05-09", "accession": "0001801170-23-000038", "url": "https://www.sec.gov/Archives/edgar/data/1801170/000180117023000038/clov-20230331.htm", "pinpoint_sections": [ "Note 2, Change in Accounting Policy: in the first quarter of 2023 the company changed the method for determining premium deficiency reserves so that anticipated net investment income is included in the determination, an election it states is preferable", "Condensed Consolidated Statements of Changes in Stockholders' Equity: balance at December 31, 2022 of $347,738 thousand with accumulated deficit of $(1,955,582) thousand, a change in accounting policy of $9,149 thousand, and an adjusted opening balance of $356,887 thousand with accumulated deficit of $(1,946,433) thousand", "Note 2, Reclassifications: prior-year balance sheet and cash flow amounts reclassified to conform to the current year's presentation, primarily Non-Insurance receivable, Other assets current and Performance year obligation" ] } ], "calculations": [ { "id": "C001", "label": "Trust funding per public share", "formula": "gross proceeds placed in trust / units sold", "inputs": [ "S001" ], "result": 10, "unit": "USD", "expression": "828000000 / 82800000", "recalculated": "2026-08-01" }, { "id": "C002", "label": "Deferred underwriting as a percentage of gross IPO proceeds", "formula": "deferred underwriting commissions / gross proceeds", "inputs": [ "S001" ], "result": 0.035, "unit": "percent-decimal", "expression": "28980000 / 828000000", "recalculated": "2026-08-01" }, { "id": "C003", "label": "Founder shares implied by a fully exercised over-allotment", "formula": "units sold x 25%", "inputs": [ "S001", "S006" ], "result": 20700000, "unit": "shares", "expression": "82800000 * 0.25", "recalculated": "2026-08-01" }, { "id": "C004", "label": "Sponsor cost per founder share", "formula": "aggregate founder share price / founder shares", "inputs": [ "C003", "S001" ], "result": 0.0012, "unit": "USD", "expression": "25000 / 20700000", "recalculated": "2026-08-01" }, { "id": "C005", "label": "Value of founder shares at the $10.00 transaction reference price", "formula": "founder shares x $10.00", "inputs": [ "C003" ], "result": 207000000, "unit": "USD", "expression": "20700000 * 10.00", "recalculated": "2026-08-01" }, { "id": "C006", "label": "Sponsor cash at risk in the SPAC", "formula": "founder share subscription + private placement warrant purchase", "inputs": [ "S001" ], "result": 16425000, "unit": "USD", "expression": "25000 + 16400000", "recalculated": "2026-08-01" }, { "id": "C007", "label": "Ratio of founder share value to sponsor cash at risk", "formula": "founder share value / sponsor cash at risk", "inputs": [ "C005", "C006" ], "result": 12.6027, "unit": "x", "expression": "207000000 / 16425000", "recalculated": "2026-08-01" }, { "id": "C009", "label": "Redemption rate implied by the aggregate redemption payment", "formula": "(aggregate redemption payment / redemption price) / units sold", "inputs": [ "S006", "S001" ], "result": 0.0003, "unit": "percent-decimal", "expression": "(248955.25 / 10.0141613) / 82800000", "recalculated": "2026-08-01", "notes": "Stated separately from C016 because the filing's own share count and aggregate payment disagree; both derivations are shown rather than one being chosen silently." }, { "id": "C010", "label": "Total warrants implied by a fully exercised over-allotment", "formula": "units / 3 + private placement warrants", "inputs": [ "S001", "S006" ], "result": 38533333, "unit": "warrants", "expression": "82800000 / 3 + 10933333", "recalculated": "2026-08-01", "notes": "The completion Form 8-K reports 38,533,271 warrants outstanding; the difference reflects rounding of fractional warrants." }, { "id": "C011", "label": "Total shares outstanding after closing", "formula": "Class A shares + Class B shares", "inputs": [ "S006" ], "result": 404440809, "unit": "shares", "expression": "143475108 + 260965701", "recalculated": "2026-08-01" }, { "id": "C012", "label": "Founder shares as a percentage of total shares outstanding after closing", "formula": "founder shares / total shares outstanding", "inputs": [ "C003", "C011" ], "result": 0.0512, "unit": "percent-decimal", "expression": "20700000 / 404440809", "recalculated": "2026-08-01" }, { "id": "C013", "label": "Cash component of merger consideration as a percentage of the trust balance", "formula": "cash component / trust balance immediately prior to closing", "inputs": [ "S006" ], "result": 0.6037, "unit": "percent-decimal", "expression": "499751044.75 / 827868299.90", "recalculated": "2026-08-01" }, { "id": "C014", "label": "Cash retained by the company from the trust after the cash consideration", "formula": "trust balance immediately prior to closing - cash component of merger consideration", "inputs": [ "S006" ], "result": 328117255.15, "unit": "USD", "expression": "827868299.90 - 499751044.75", "recalculated": "2026-08-01", "notes": "Before deducting deferred underwriting commissions and other transaction expenses, which are not stated in the completion Form 8-K." }, { "id": "C015", "label": "Redemption figures stated in the completion Form 8-K do not reconcile", "formula": "stated shares redeemed x stated redemption price - stated aggregate redemption payment", "inputs": [ "S006" ], "result": 317.25, "unit": "USD", "expression": "24892 * 10.0141613 - 248955.25", "recalculated": "2026-08-01", "notes": "The filing states 24,892 shares redeemed at $10.0141613 per share for an aggregate of $248,955.25. Those three figures are mutually inconsistent by $317.25. Dividing the aggregate by the price implies 24,860.3 shares instead." }, { "id": "C016", "label": "Redemption rate on the share count stated in the filing", "formula": "shares redeemed / units sold", "inputs": [ "S006", "S001" ], "result": 0.0003, "unit": "percent-decimal", "expression": "24892 / 82800000", "recalculated": "2026-08-01" }, { "id": "C017", "label": "PIPE price per share", "formula": "aggregate purchase price / PIPE shares", "inputs": [ "S006" ], "result": 10, "unit": "USD", "expression": "400000000 / 40000000", "recalculated": "2026-08-01" }, { "id": "C018", "label": "Sponsor affiliates' share of the PIPE", "formula": "PIPE shares purchased by sponsor affiliates / total PIPE shares", "inputs": [ "S006" ], "result": 0.3875, "unit": "percent-decimal", "expression": "15500000 / 40000000", "recalculated": "2026-08-01" }, { "id": "C019", "label": "Cash invested by sponsor affiliates in the PIPE", "formula": "PIPE shares purchased by sponsor affiliates x price per share", "inputs": [ "S006", "C017" ], "result": 155000000, "unit": "USD", "expression": "15500000 * 10.00", "recalculated": "2026-08-01" }, { "id": "C020", "label": "Sponsor total cash committed, including the PIPE", "formula": "founder share subscription + private placement warrants + sponsor affiliate PIPE", "inputs": [ "S001", "C019" ], "result": 171425000, "unit": "USD", "expression": "25000 + 16400000 + 155000000", "recalculated": "2026-08-01", "notes": "The PIPE participation was by affiliates of the sponsor rather than the sponsor entity itself; the filing does not state whether the economic interests are identical." }, { "id": "C021", "label": "2020 revenue variance to projection", "formula": "reported revenue / projected revenue - 1", "inputs": [ "S009", "S005" ], "result": 0.0028, "unit": "percent-decimal", "expression": "672.888 / 671 - 1", "recalculated": "2026-08-01" }, { "id": "C022", "label": "2021 revenue variance to projection", "formula": "reported revenue / projected revenue - 1", "inputs": [ "S009", "S005" ], "result": 0.6727, "unit": "percent-decimal", "expression": "1471.996 / 880 - 1", "recalculated": "2026-08-01" }, { "id": "C023", "label": "2022 revenue variance to projection, restated basis", "formula": "restated revenue / projected revenue - 1", "inputs": [ "S009", "S005" ], "result": -0.1004, "unit": "percent-decimal", "expression": "1096.552 / 1219 - 1", "recalculated": "2026-08-01" }, { "id": "C024", "label": "2022 revenue variance to projection, as originally reported", "formula": "originally reported revenue / projected revenue - 1", "inputs": [ "S009", "S005" ], "result": 1.8521, "unit": "percent-decimal", "expression": "3476.687 / 1219 - 1", "recalculated": "2026-08-01", "notes": "The sign of the variance depends entirely on which reporting basis is used; both are shown." }, { "id": "C025", "label": "2023 revenue variance to projection, restated basis", "formula": "restated revenue / projected revenue - 1", "inputs": [ "S009", "S005" ], "result": -0.2684, "unit": "percent-decimal", "expression": "1260.543 / 1723 - 1", "recalculated": "2026-08-01" }, { "id": "C026", "label": "2023 revenue variance to projection, as originally reported", "formula": "originally reported revenue / projected revenue - 1", "inputs": [ "S009", "S005" ], "result": 0.1803, "unit": "percent-decimal", "expression": "2033.720 / 1723 - 1", "recalculated": "2026-08-01" }, { "id": "C027", "label": "Class B share of voting power at closing", "formula": "Class B shares x 10 votes / (Class A shares x 1 + Class B shares x 10)", "inputs": [ "S006", "S010" ], "result": 0.9479, "unit": "percent-decimal", "expression": "(260965701 * 10) / (143475108 * 1 + 260965701 * 10)", "recalculated": "2026-08-01" }, { "id": "C028", "label": "Class B share of shares outstanding at closing", "formula": "Class B shares / total shares outstanding", "inputs": [ "S006" ], "result": 0.6453, "unit": "percent-decimal", "expression": "260965701 / 404440809", "recalculated": "2026-08-01" }, { "id": "C029", "label": "Class A share of voting power at closing", "formula": "Class A shares x 1 vote / total votes", "inputs": [ "S006", "S010" ], "result": 0.0521, "unit": "percent-decimal", "expression": "143475108 / (143475108 * 1 + 260965701 * 10)", "recalculated": "2026-08-01" }, { "id": "C030", "label": "Class B control threshold as a percentage of Class B outstanding at closing", "formula": "control threshold shares / Class B shares at closing", "inputs": [ "S010", "S006" ], "result": 0.25, "unit": "percent-decimal", "expression": "65240552 / 260965701", "recalculated": "2026-08-01", "notes": "Class B may fall to a quarter of its closing level before the stated control condition ceases to be met." }, { "id": "C031", "label": "2020 reported insurance underwriting margin", "formula": "premiums earned net - net medical claims incurred, Medicare Advantage segment", "inputs": [ "S011" ], "result": 74660000, "unit": "USD", "expression": "665698000 - 591038000", "recalculated": "2026-08-01" }, { "id": "C032", "label": "2021 reported insurance underwriting margin", "formula": "premiums earned net - net medical claims incurred, Medicare Advantage segment", "inputs": [ "S011" ], "result": -47872000, "unit": "USD", "expression": "799414000 - 847286000", "recalculated": "2026-08-01" }, { "id": "C033", "label": "2022 reported insurance underwriting margin", "formula": "premiums earned net - net medical claims incurred, Insurance segment", "inputs": [ "S012" ], "result": 88459000, "unit": "USD", "expression": "1084869000 - 996410000", "recalculated": "2026-08-01" }, { "id": "C034", "label": "2023 reported insurance underwriting margin", "formula": "premiums earned net - net medical claims incurred, Insurance segment", "inputs": [ "S013" ], "result": 232086000, "unit": "USD", "expression": "1235769000 - 1003683000", "recalculated": "2026-08-01" }, { "id": "C035", "label": "Cumulative 2020-2023 reported insurance underwriting margin", "formula": "sum of the four annual figures", "inputs": [ "C031", "C032", "C033", "C034" ], "result": 347333000, "unit": "USD", "expression": "74660000 + -47872000 + 88459000 + 232086000", "recalculated": "2026-08-01" }, { "id": "C036", "label": "Cumulative 2020-2023 projected insurance underwriting margin", "formula": "sum of projected premiums earned net - sum of projected net medical claims incurred", "inputs": [ "S005" ], "result": 655700000, "unit": "USD", "expression": "(663900000 + 871800000 + 1213800000 + 1717100000) - (550300000 + 778200000 + 1040600000 + 1441800000)", "recalculated": "2026-08-01" }, { "id": "C037", "label": "Cumulative reported underwriting margin against projection", "formula": "cumulative reported / cumulative projected", "inputs": [ "C035", "C036" ], "result": 0.5297, "unit": "x", "expression": "347333000 / 655700000", "recalculated": "2026-08-01" }, { "id": "C038", "label": "Reported medical care ratio, net, weighted across 2020-2023", "formula": "sum of net medical claims incurred / sum of premiums earned net", "inputs": [ "S011", "S012", "S013" ], "result": 0.908, "unit": "percent-decimal", "expression": "(591038000 + 847286000 + 996410000 + 1003683000) / (665698000 + 799414000 + 1084869000 + 1235769000)", "recalculated": "2026-08-01" }, { "id": "C039", "label": "Projected medical care ratio, net, weighted across 2020-2023", "formula": "sum of projected net medical claims incurred / sum of projected premiums earned net", "inputs": [ "S005" ], "result": 0.853, "unit": "percent-decimal", "expression": "(550300000 + 778200000 + 1040600000 + 1441800000) / (663900000 + 871800000 + 1213800000 + 1717100000)", "recalculated": "2026-08-01" }, { "id": "C040", "label": "Cumulative 2020-2023 reported Adjusted EBITDA, latest presentation of each year", "formula": "sum of each year at its most recent presentation", "inputs": [ "S014", "S015", "S016", "S010" ], "result": -760760000, "unit": "USD", "expression": "-85074000 + -343737000 + -290394000 + -41555000", "recalculated": "2026-08-01" }, { "id": "C041", "label": "Cumulative Adjusted EBITDA shortfall against projection", "formula": "cumulative reported Adjusted EBITDA - cumulative projected Adjusted EBITDA", "inputs": [ "C040", "S005" ], "result": -620760000, "unit": "USD", "expression": "-760760000 - (-43000000 + -82000000 + -31000000 + 16000000)", "recalculated": "2026-08-01" }, { "id": "C042", "label": "Effect on 2021 Adjusted EBITDA of the definitional change made in the fourth quarter of 2022", "formula": "Adjusted EBITDA as re-presented - Adjusted EBITDA as first presented", "inputs": [ "S015", "S014" ], "result": 128286000, "unit": "USD", "expression": "-343737000 - -472023000", "recalculated": "2026-08-01" }, { "id": "C043", "label": "Effect on 2022 Adjusted EBITDA of the definitional change made in the fourth quarter of 2023", "formula": "Adjusted EBITDA as re-presented - Adjusted EBITDA as first presented", "inputs": [ "S016", "S015" ], "result": 8266000, "unit": "USD", "expression": "-290394000 - -298660000", "recalculated": "2026-08-01" }, { "id": "C044", "label": "2023 reported underwriting margin against projection", "formula": "reported / projected", "inputs": [ "C034", "S005" ], "result": 0.843, "unit": "x", "expression": "232086000 / (1717100000 - 1441800000)", "recalculated": "2026-08-01" }, { "id": "C045", "label": "Cumulative 2020-2023 reported Adjusted EBITDA, earliest presentation obtained for each year", "formula": "sum of each year at its earliest obtained presentation", "inputs": [ "S014", "S015", "S016" ], "result": -900415000, "unit": "USD", "expression": "-85074000 + -472023000 + -298660000 + -44658000", "recalculated": "2026-08-01" }, { "id": "C046", "label": "2023 medical care ratio improvement against projection", "formula": "projected medical care ratio - reported medical care ratio", "inputs": [ "S005", "S013" ], "result": 2.8, "unit": "percentage points", "expression": "84.0 - 81.2", "recalculated": "2026-08-01" }, { "id": "C047", "label": "Shares of the PIPE received by an entity affiliated with SCH's chief executive officer, as a share of the PIPE", "formula": "shares received by that entity / total PIPE shares", "inputs": [ "S005", "S006" ], "result": 0.25, "unit": "percent-decimal", "expression": "10000000 / 40000000", "recalculated": "2026-08-01" }, { "id": "C048", "label": "Subscription attributable to that entity at the $10.00 PIPE price", "formula": "shares received x PIPE price per share", "inputs": [ "S005", "C017" ], "result": 100000000, "unit": "USD", "expression": "10000000 * 10.00", "recalculated": "2026-08-01" }, { "id": "C049", "label": "That entity's share of the Sponsor Related PIPE Investors' subscription", "formula": "shares received by that entity / total Sponsor Related PIPE Investor shares", "inputs": [ "S005" ], "result": 0.6452, "unit": "percent-decimal", "expression": "10000000 / 15500000", "recalculated": "2026-08-01" }, { "id": "C050", "label": "Over-allotment units as a percentage of the base offering", "formula": "over-allotment units / base offering units", "inputs": [ "S019", "S001" ], "result": 0.15, "unit": "percent-decimal", "expression": "10800000 / 72000000", "recalculated": "2026-08-01" }, { "id": "C051", "label": "Fully diluted shares outstanding at closing", "formula": "basic shares + warrants + 2020 Plan + ESPP + Management Incentive Plan + Pre-Closing Founder Grants", "inputs": [ "S006" ], "result": 520574918, "unit": "shares", "expression": "404440809 + 38533271 + 30641401 + 2785582 + 33426983 + 10746872", "recalculated": "2026-08-01" }, { "id": "C052", "label": "Basic shares as a share of fully diluted", "formula": "basic shares / fully diluted shares", "inputs": [ "S006", "C051" ], "result": 0.7769, "unit": "x", "expression": "404440809 / 520574918", "recalculated": "2026-08-01" }, { "id": "C053", "label": "Cash payable on exercise of all warrants", "formula": "warrants x exercise price", "inputs": [ "S006", "S001" ], "result": 443132616.5, "unit": "USD", "expression": "38533271 * 11.50", "recalculated": "2026-08-01" }, { "id": "C054", "label": "Management Incentive Plan reserve granted at closing", "formula": "Garipalli award + Toy award", "inputs": [ "S006" ], "result": 33426983, "unit": "shares", "expression": "22284655 + 11142328", "recalculated": "2026-08-01" }, { "id": "C055", "label": "Pre-Closing Founder Grants under the 2014 Plan", "formula": "Garipalli award + Toy award", "inputs": [ "S006" ], "result": 10746872, "unit": "shares", "expression": "7164581 + 3582291", "recalculated": "2026-08-01" }, { "id": "C056", "label": "Equity awards and reserves as a share of fully diluted shares", "formula": "(2020 Plan + ESPP + Management Incentive Plan + Pre-Closing Founder Grants) / fully diluted shares", "inputs": [ "S006", "C051" ], "result": 0.1491, "unit": "percent-decimal", "expression": "(30641401 + 2785582 + 33426983 + 10746872) / 520574918", "recalculated": "2026-08-01" }, { "id": "C057", "label": "Share of the securities class action settlement funded from insurance proceeds", "formula": "insurance proceeds applied / settlement amount", "inputs": [ "S010" ], "result": 0.8864, "unit": "percent-decimal", "expression": "19500000 / 22000000", "recalculated": "2026-08-01" }, { "id": "C058", "label": "Median 2021 projected revenue multiple of the peer set SCH selected", "formula": "median of the seven stated multiples", "inputs": [ "S005" ], "result": 8.7, "unit": "x", "expression": "8.7", "recalculated": "2026-08-01" }, { "id": "C059", "label": "Clover's stated multiple against the peer median", "formula": "stated 2021 projected revenue multiple / peer median", "inputs": [ "S005", "C058" ], "result": 0.4828, "unit": "x", "expression": "4.2 / 8.7", "recalculated": "2026-08-01" }, { "id": "C060", "label": "Stated enterprise value against restated reported 2023 revenue", "formula": "stated enterprise value / restated reported 2023 revenue", "inputs": [ "S005", "S009" ], "result": 2.9368, "unit": "x", "expression": "3702000000 / 1260543000", "recalculated": "2026-08-01" }, { "id": "C061", "label": "2021 revenue implied by the stated enterprise value and multiple", "formula": "stated enterprise value / stated 2021 projected revenue multiple", "inputs": [ "S005" ], "result": 881428571, "unit": "USD", "expression": "3702000000 / 4.2", "recalculated": "2026-08-01" }, { "id": "C062", "label": "Sponsor-affiliated PIPE shares reconciled from the resale registration statement", "formula": "ChaChaCha SPAC C + Hedosophia Public Investments + CH Capital SPV", "inputs": [ "S022" ], "result": 15500000, "unit": "shares", "expression": "10000000 + 5000000 + 500000", "recalculated": "2026-08-01" }, { "id": "C063", "label": "Return to a public SPAC shareholder who did not redeem, to July 31, 2026", "formula": "closing price on July 31, 2026 / the $10.00 subscription price, restated to the current share basis", "inputs": [ "S008" ], "result": -0.583, "unit": "percent-decimal", "expression": "4.17 / 10.0 - 1", "recalculated": "2026-08-02" }, { "id": "C064", "label": "Return from the first post-combination close to July 31, 2026", "formula": "closing price on July 31, 2026 / first post-combination close, both on the split-adjusted basis", "inputs": [ "S008" ], "result": -0.7397, "unit": "percent-decimal", "expression": "4.17 / 16.02 - 1", "recalculated": "2026-08-02" }, { "id": "C065", "label": "Compound annual return to a public SPAC shareholder who did not redeem", "formula": "(closing price / subscription price) raised to the reciprocal of the holding period in years, less one", "inputs": [ "S008" ], "result": -0.1456, "unit": "percent-decimal", "expression": "(4.17 / 10.0) ** (1 / 5.56) - 1", "recalculated": "2026-08-02" }, { "id": "C066", "label": "Decline from the highest close since the combination", "formula": "closing price on July 31, 2026 / highest close, both on the split-adjusted basis", "inputs": [ "S008" ], "result": -0.8117, "unit": "percent-decimal", "expression": "4.17 / 22.15 - 1", "recalculated": "2026-08-02" }, { "id": "C067", "label": "Value on July 31, 2026 of $10.00 redeemed at the vote and invested in the S&P 500", "formula": "$10.00 x (S&P 500 level on July 31, 2026 / level on the closing date)", "inputs": [ "S008" ], "result": 19.69, "unit": "USD", "expression": "10.00 * (1 + 0.969)", "recalculated": "2026-08-02" }, { "id": "C068", "label": "Value on July 31, 2026 of $10.00 left in the shares", "formula": "$10.00 x (closing price on July 31, 2026 / the subscription price on the current share basis)", "inputs": [ "S008" ], "result": 4.17, "unit": "USD", "expression": "10.00 * 4.17 / 10.0", "recalculated": "2026-08-02" }, { "id": "C069", "label": "Redeeming and holding the index against holding the shares", "formula": "value of the redeemed alternative / value of the shares held", "inputs": [ "C067", "C068" ], "result": 4.72, "unit": "x", "expression": "19.69 / 4.17", "recalculated": "2026-08-02" }, { "id": "C070", "label": "Shares outstanding at the latest cover date, on the closing-date share basis", "formula": "Class A shares + Class B shares at the cover date", "inputs": [ "S023" ], "result": 526684324, "unit": "shares", "expression": "430969398 + 95714926", "recalculated": "2026-08-02" }, { "id": "C071", "label": "Growth in shares outstanding since the combination closed", "formula": "latest shares outstanding on the closing-date basis / shares outstanding at closing, less one", "inputs": [ "C070", "S006" ], "result": 0.3023, "unit": "percent-decimal", "expression": "526684324 / 404440809 - 1", "recalculated": "2026-08-02" }, { "id": "C072", "label": "Market capitalization at the July 31, 2026 close", "formula": "shares outstanding at the latest cover date x closing price", "inputs": [ "S023", "S008" ], "result": 2196273631, "unit": "USD", "expression": "(430969398 + 95714926) * 4.17", "recalculated": "2026-08-02" }, { "id": "C073", "label": "Market capitalization against the cash the combined company retained at closing", "formula": "market capitalization / cash retained at closing", "inputs": [ "C072" ], "result": 3.0698, "unit": "x", "expression": "2196273631 / 715445000", "recalculated": "2026-08-02" }, { "id": "C074", "label": "Stockholders' equity at December 31, 2022 after the cumulative-effect adjustment", "formula": "equity as reported in the fiscal 2022 annual report + the change in accounting policy", "inputs": [ "S024" ], "result": 356887000, "unit": "USD", "expression": "347738000 + 9149000", "recalculated": "2026-08-02" }, { "id": "C075", "label": "Change in the fiscal 2022 net loss between its first and later presentations", "formula": "net loss as presented from the fiscal 2023 annual report - net loss as first reported", "inputs": [ "S009" ], "result": -723000, "unit": "USD", "expression": "-339567000 - -338844000", "recalculated": "2026-08-02" }, { "id": "C076", "label": "Change in accumulated deficit at December 31, 2021 between its first and later presentations", "formula": "accumulated deficit as presented from the first quarter of 2023 - accumulated deficit as first reported", "inputs": [ "S009" ], "result": 723000, "unit": "USD", "expression": "-1616015000 - -1616738000", "recalculated": "2026-08-02" }, { "id": "C077", "label": "Cumulative-effect adjustment as a percentage of equity as first reported", "formula": "change in accounting policy / equity as reported in the fiscal 2022 annual report", "inputs": [ "S024" ], "result": 0.0263, "unit": "percent-decimal", "expression": "9149000 / 347738000", "recalculated": "2026-08-02" }, { "id": "C078", "label": "Value at the July 31, 2026 close of the shares the sponsor received at conversion", "formula": "shares received at conversion, on the current share basis, x closing price", "inputs": [ "S006", "S008" ], "result": 86319000, "unit": "USD", "expression": "20700000 * 4.17", "recalculated": "2026-08-02" }, { "id": "C079", "label": "That value against the sponsor's cash at risk in the SPAC", "formula": "value of the converted shares / sponsor cash at risk", "inputs": [ "C078", "S001" ], "result": 5.2553, "unit": "x", "expression": "86319000 / 16425000", "recalculated": "2026-08-02" } ], "open_items": [ "Resolve the $317.25 inconsistency between the redeemed share count, the redemption price and the aggregate redemption payment stated in the completion Form 8-K, against the transfer agent's redemption report or a subsequent periodic filing.", "Clover reported no Adjusted EBITDA in any annual report covering 2020 through 2023, and the measure was redefined in the fourth quarter of 2021, 2022 and 2023. The projections section does not state which definition the projected figure uses; the comparison assumes it is the definition the proxy states in Clover's own MD&A.", "The fiscal 2022 stockholders' equity of $347,738,000 in the fiscal 2022 Form 10-K was never re-filed on an amended annual report. Every subsequent filing carries $356,887,000, and the difference is the cumulative-effect adjustment recorded at January 1, 2023." ], "revisions": [ { "date": "2026-08-01", "version": "0.1", "change": "Initial record built from the SPAC IPO prospectus and the completion Form 8-K.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.2", "change": "Added PIPE price and sponsor-affiliate participation; replaced the computed redemption share count with the count stated in the filing and recorded the internal inconsistency between the filing's own redemption figures.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.3", "change": "Added post-closing annual results from SEC XBRL company facts and a benchmark-relative trading series with split-adjusted and as-traded prices.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.4", "change": "Added the projected financial information presented in the definitive proxy statement and a variance analysis against reported revenue on both the restated and originally reported bases.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.5", "change": "Identified the 2022 and 2023 revenue restatements as the reclassification of ACO REACH to discontinued operations, and adopted the restated basis for the projection comparison.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.6", "change": "Added the dual-class voting terms and computed the Class A and Class B shares of voting power at closing.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.7", "change": "Extended the projection comparison from revenue alone to the insurance underwriting margin, medical care ratio and Adjusted EBITDA, with each Adjusted EBITDA year stated at both its first and its latest presentation.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.8", "change": "Added the SEC staff review of the Form S-4, including the comments on the projections, the enterprise value determination and the PIPE exemption analysis, and the proxy's statement that no third party valuation or fairness opinion was obtained.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.9", "change": "Added the proxy's disclosure of the affiliation between SCH's chief executive officer and an entity receiving 10,000,000 of the 15,500,000 Sponsor Related PIPE Investor shares.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.10", "change": "Confirmed the over-allotment exercise from the IPO closing Form 8-K: 10,800,000 units, the full 15% option, closed April 24, 2020.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.11", "change": "Constructed the fully diluted capitalization at closing from the warrants, the 2020 Equity Incentive Plan, the ESPP, the Management Incentive Plan and the Pre-Closing Founder Grants.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.12", "change": "Documented the February 2021 short-seller article, the company's response, the SEC investigation and its conclusion, and the securities, derivative and bylaw litigation, each from the company's own filings.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.13", "change": "Added the valuation basis the proxy states, including the named comparable-company set and its multiples.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.14", "change": "Identified the Sponsor Related PIPE Investors from the resale registration statement: ChaChaCha SPAC C, Hedosophia Public Investments and CH Capital SPV, reconciling to 15,500,000 shares.", "author": "Project research" }, { "date": "2026-08-02", "version": "0.15", "change": "Added an outcome-to-date section measuring the transaction from the perspective of a public SPAC shareholder through July 31, 2026, including the redemption counterfactual, dilution since closing and market capitalization against cash retained.", "author": "Project research" }, { "date": "2026-08-02", "version": "0.16", "change": "Documented the first quarter 2023 change in accounting policy for premium deficiency reserves, the $9,149,000 cumulative-effect adjustment to opening equity, and the associated re-presentation of the fiscal 2022 net loss and the December 31, 2021 accumulated deficit.", "author": "Project research" } ] }