SAN FRANCISCO, Oct. 14, 2020 (GLOBE NEWSWIRE) — In a release issued under the same headline earlier today by Insurance Acquisition Corp. (NASDAQ: INSU) and Shift, please note that dates included in the press release were incorrect. Shift will begin trading on NASDAQ under the ticker symbol “SFT” and its senior management will host an investor conference call on October 15, 2020, not October 14, 2020, as previously stated. The corrected release follows.

Shift Completes Merger with Insurance Acquisition Corp. on its Path to Public Listing, Transaction Delivers $340 Million to Support Growth and Working Capital

Shift will begin trading on NASDAQ under ticker SFT on October 15, 2020

Shift’s senior management to host investor conference call on October 15, 2020 at 8:00am EDT

Shift, a leading end-to-end ecommerce platform for buying and selling used cars, and Insurance Acquisition Corp. (Nasdaq: INSU), a publicly traded special purpose acquisition company sponsored by Cohen & Company (NYSE American: COHN), have announced the closing of their previously announced business combination. The business combination, which was approved on October 13, 2020, by INSU’s stockholders, brings the newest pure-play in the used car ecommerce market to the public markets. The transaction provides Shift with approximately $300 million, net of fees and expenses. Beginning October 15, 2020, Shift’s shares of Class A common stock will trade on the Nasdaq under the ticker symbol “SFT” and warrants under ticker symbol “SFTTW.” Shift’s co-CEOs, George Arison and Toby Russell, will host an investor update call on October 15, 2020 at 8:00am EDT.

Shift has built a state-of-the-art automotive ecommerce company powered by its unique technology platform and service model. Leveraging proprietary technology, Shift delivers a comprehensive and seamless process for consumers to buy, sell, trade, finance, and own used cars.

“Today marks an important milestone for our company.

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 Shift’s business 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 risk that the business combination disrupts Shift’s current plans and operations; (2) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, Shift’s ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (3) costs related to the business combination; (4) changes in applicable laws or regulations; (5) the possibility that Shift may be adversely affected by other economic, business, and/or competitive factors; (6) the operational and financial outlook of Shift; (7) the ability for Shift to execute its growth strategy; and (8) 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 Shift. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Shift undertakes no commitment to update or revise


TPG Pace Beneficial Finance Corp. (the “Company”), a newly organized blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 35,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $350,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company’s units began trading on the New York Stock Exchange under the ticker symbol “TPGY.U” on October 7, 2020. Each unit consists of one of the Company’s Class A ordinary shares and one-fifth of one warrant, each whole warrant enabling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols “TPGY” and “TPGY WS,” respectively.

TPG Pace Beneficial Finance Corp. is focused on sponsoring the public listing of a company that combines attractive business fundamentals with, or with the potential for strong environmental, social and governance principles and practices through a business combination.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Barclays Capital Inc. are serving as joint book runners for the offering. TPG Pace Beneficial Finance Corp. has granted the underwriters a 45-day option from the pricing of the offering to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus, copies of which may be obtained from

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The utilities, as a group, have been somewhat forgotten this year. Growth stocks and stay-at-home plays have dominated the headlines, and indeed powered the indices higher, but for long-term dividend-oriented investors, value abounds in the utility space. One such example is UGI Corporation (UGI).

The stock fell by half from pre-COVID levels to the bottom in March and has since rebounded nicely. However, the stock has carved out a channel since June, chopping more or less sideways since then. As of now, UGI has seen several strong up days, and is threatening a breakout of that channel, which would mean a move above $36 that is sustained. I cannot say for sure that a breakout is coming, but conditions are right, so that is something to keep an eye on.

We can see that the gas utilities group has been unbelievably weak this year against the broader market, but that is to be expected during a raging bull run. UGI has outperformed its peers in a huge way since the March bottom, so I think it is set up well technically, with well-defined resistance and support in the channel I mentioned, and a clear breakout level.

Fundamentally, I like UGI as well, and I see it as a buy.

A history of growth

Growth can very obviously be challenging to come by when you’re looking at utilities. It’s a very unique model where governments and regulatory authorities get to decide how much the company charges for their product, which necessarily limits revenue expansion. However, utilities are free to acquire customers and indeed, other utilities, in order to gain scale. Over time, UGI has done just that.

Source: Seeking Alpha

Revenue growth has been choppy in recent years, and this year is almost certainly going to see a lower

Our indicative theme on Expensive Performers – which includes companies trading at increasingly higher valuation multiples but are executing well, with consistently expanding Operating Margins and Revenues – is up by about 39% year-to-date on an equally weighted basis. This compares to the S&P 500 which is up by just about 5% over the same period. We believe that companies in this theme are likely building a competitive advantage in the businesses they are operating in, implying that earnings growth could be stronger going forward. Veeva Systems (VEEV), up 96% year-to-date, is the biggest driver of the theme’s return this year. On the other side, Heico (HEI) stock is down by about -7% year to date. Below is a quick rundown of some of the stocks and their performance over the past year.

See our theme on Expensive Performers for detailed criteria for picking the stocks in the theme.

Veeva Systems (VEEV) is a cloud-computing company focused on applications for the pharmaceutical and life sciences industry. The stock is up by 96% year-to-date. (related: Veeva Systems & Ansys – Two Software Stocks You May Have Overlooked)


ServiceNow (NOW) develops a cloud computing platform to help companies manage digital workflows for enterprise operations, The stock is up by 75% year-to-date.

Pool Corporation (POOL) is a wholesale distributor of swimming pool supplies and equipment.  The stock is up by 53% year-to-date.

IDEXX Laboratories (IDXX) sells products and services catering to the companion animal veterinary, livestock and poultry, water testing, and dairy markets. The stock is up by 47% year-to-date.

MSCI (MSCI) is a financial data provider that is best known for its financial indices, which money managers use to benchmark investment performance. The stock has gained 35% year-to-date.

Heico Corporation (HEI) is an aerospace and electronics company that focuses