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

(Bloomberg) —

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National Commercial Bank, Saudi Arabia’s largest lender by assets, agreed to buy rival Samba Financial Group for $15 billion in the biggest banking takeover this year.

NCB will pay 28.45 riyals ($7.58) for each Samba share, according to a statement on Sunday, valuing it at about 55.7 billion riyals. The kingdom’s sovereign wealth fund, the biggest single shareholder in the two banks, will have the largest stake in the combined entity with 37.2%.

The new bank will have total assets of more than $220 billion, creating the Gulf region’s third-largest lender. Its $46 billion market capitalization nearly matches that of Qatar National Bank QPSC, which is still the Middle East’s biggest lender with about $268 billion of assets.

Banks in the oil-rich Gulf have been combining as regional economies suffer the twin shocks of lower energy revenues and the global coronavirus pandemic. The Saudi consolidation also coincides with a long-awaited wave of banking mergers in Europe, where lenders are exploring tie-ups or have begun taking over smaller rivals.



chart: New Pecking Order


© Bloomberg
New Pecking Order

“Under NCB’s management, better value should be realized from Samba’s over-capitalized assets,” CI Capital analysts including Sara Boutros said in a note to clients. “The deal also provides NCB with a larger capacity to grow more aggressively, particularly in the corporate space, as the market stabilizes and as lending opportunities emerge.”

Read more: Moody’s Sees Virus and Oil Shocks Speeding Up Gulf Bank Mergers

Merging two major domestic banks is a key component of Crown Prince Mohammed bin Salman’s “Vision 2030” initiative to diversify the Saudi economy away from oil by creating local champions in industries such as finance. Besides the Public Investment Fund, the largest shareholders in the combined NCB-Samba entity will include the Saudi Public Pension Agency, which will own 7.4%,

(Reuters) – Boston Red Sox owner John Henry is in talks with RedBall Acquisition Corp to take his famed sports holding company Fenway Sports Group LLC public, a person familiar with the matter told Reuters late on Friday.

The deal being discussed would merge Fenway Sports Group with RedBall Acquisition Corp and will value the owner of the Liverpool Football Club at around $8 billion including debt, the source said, asking not to be identified.

The talks were reported earlier by the Wall Street Journal newspaper, which said the discussions are in the early stage and could still fall apart.

The newspaper also said RedBall, which raised $575 million in August to buy businesses in sports and sports-related media and data analytics, plans to raise an additional $1 billion to buy a stake in Fenway Sports Group that will not exceed 25%.

RedBall, a special purpose acquisition company (SPAC), is co-chaired by former Goldman Sachs banker Gerald Cardinale and baseball executive Billy Beane, who shot to fame with Michael Lewis’s book “Moneyball: The Art of Winning an Unfair Game.”

(Reporting by Kanishka Singh and Sabahatjahan Contractor in Bengaluru; Editing by Sonya Hepinstall)

Copyright 2020 Thomson Reuters.

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Seedrs CEO Jeff Kelisky (L) and Crowdcube CEO Darren Westlake. Photo: Seedrs/Crowdcube/Yahoo Finance UK
Seedrs CEO Jeff Kelisky (L) and Crowdcube CEO Darren Westlake. Photo: Seedrs/Crowdcube/Yahoo Finance UK

The chief executives of Britain’s two biggest crowdfunding businesses say their planned combination will allow them to supercharge growth and it’s not about weathering the COVID-19 crisis.

Darren Westlake, the chief executive of Crowdcube, and Jeff Kelisky, his counterpart at Seedrs, told Yahoo Finance UK their planned merger was geared towards expansion, rather than cost cutting.

“The purpose of the merger is growth,” Kelisky told Yahoo Finance UK on Monday. “It’s not harvesting, it’s not consolidation. It’s absolutely about the growth opportunity that we feel is untapped.”

Crowdcube and Seedrs announced plans for an all stock merger on Monday, hoping to create a combined business worth around £140m ($181.8m).

READ MORE: Crowdfunding platforms Crowdcube and Seedrs to merge

The deal brings together the UK’s two biggest equity crowdfunding platforms, which between them have helped hundreds of British startups raise over £2bn.

“We’ve got a lot more in common that we have got differences,” Westlake told Yahoo Finance UK.

‘Stay on the front foot’

The deal was hailed by many in the fintech sector as an obvious combination. But some raised questions about whether it was a shotgun wedding, given financial conditions. Crowdcube and Seedrs lost £7.2m between them last year and activity on Seedrs’ platform dropped 20% in the early stages of the pandemic.

Seedrs’ annual results, published on Tuesday, show auditors flagged the business may need to raise money to keep going, particularly given the impact of COVID-19.

“They have to do something,” said Michael Jackson, an experienced tech entrepreneur and venture capitalist who is now a director of businesses including Axa UK and Volvo.

Both Westlake and Kelisky rejected this picture, insisting they are in fine fettle.

“The question behind the financials relates to: