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 story : Kin Insurance to go public via merger with SPAC Omnichannel Acquisition in .03 billion deal #FinanceUSA #StockMarketNEWS Kin Insurance Inc., a direct-to-consumer digital insurer focused on the homeowners

@stockMarketNEWS 17 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Kin Insurance to go public via merger with SPAC Omnichannel Acquisition in .03 billion deal #FinanceUSA #StockMarketNEWS
Kin Insurance Inc., a direct-to-consumer digital insurer focused on the homeowners market, is going public via a merger with special-purpose acquisition corporation Omnichannel Acquisition Corp. in a deal with a pro forma enterprise value of about .03 billion. The combined company will be listed on the New York Stock Exchange under the new ticker "KI." Kin has also signed an agreement to acquire an inactive insurance carrier that has licenses in more than 40 states, allowing it to expand beyond its current network of Florida, Louisiana and California. Kin will have about 2 million in cash at closing, in addition to million raised in a recent Series C financing, that included investment from NBA superstar Draymond Green and four-time major champion golf pro Rory McIlroy. The deal includes a private investment in public equity of million from investors that include HSCM Bermuda and Senator Investment Group. The deal is expected to close in the fourth quarter. "Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing 0+ billion homeowners insurance market," the companies said in a joint statement. "Kin's proprietary technology enables customers to insure their homes in minutes online, bringing convenience to a historically manual process."


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