SAN FRANCISCO, Sept. 14, 2020 /PRNewswire/ -- Shift Technologies Inc. ("Shift"), an e-commerce platform on a mission to make car-buying convenient, fair, and accessible for everyone, which has entered into a definitive merger agreement with Insurance Acquisition Corp (Nasdaq:INSU), a special purpose acquisition company (SPAC), today announced it will attend a webinar hosted by SPACInsider on September 14, 2020 at 1:00 p.m. EDT. Attending from Shift are Co-CEO and founder George Arison, CFO Cindy Hanford, VP of Strategy & Finance Henry Bird, along with INSU Chairman Daniel Cohen.
Shift is an e-commerce platform on a mission to make car-buying convenient, fair, and accessible for everyone. With instant quotes and at-home pickup, Shift saves sellers time and money. Buyers have access to Shift's bookable at-home test drives and white glove service. Shift's 150+-point inspection and seven-day return guarantee help consumers buy and sell with confidence. Since raising its Series A in 2014 co-led by Emily Melton (Threshold, formerly DFJ) and Manish Patel (Highland Capital), Shift has raised equity from investors including Alliance Ventures, BMW iVentures, certain funds managed by Goldman Sachs Asset Management L.P., G2VP, DCM, Lithia and others. For more information please visit https://shift.com/.
About Insurance Acquisition Corp.
Insurance Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Insurance Acquisition Corp. raised $150.6M in its initial public offering in March 2018. The company's securities are quoted on the NASDAQ stock exchange under the ticker symbols INSU, INSUW and INSUU.
Caution Regarding Forward Looking Statements This document includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of Insurance Acquisition Corp., Shift Technologies, Inc. or the combined company after completion of the business combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger and the proposed business combination contemplated thereby; (2) the inability to complete the transactions contemplated by the Agreement and Plan of Merger due to the failure to obtain approval of the stockholders of Insurance Acquisition Corp. or other conditions to closing in the Agreement and Plan of Merger; (3) the ability to meet Nasdaq's listing standards following the consummation of the transactions contemplated by the Agreement and Plan of Merger; (4) the risk that the proposed transaction disrupts current plans and operations of Shift Technologies, Inc. as a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the proposed business combination; (7) changes in applicable laws or regulations; (8) the possibility that Shift Technologies, Inc. may be adversely affected by other economic, business, and/or competitive factors; and (9) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission ("SEC") by Insurance Acquisition Corp. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Insurance Acquisition Corp. and Shift Technologies, Inc. undertake no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
This release shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.