Vivek Garipalli, co-founder and CEO of Clover Health, joins "Squawk Box" to discuss why the company decided to go public through a SPAC deal rather than a traditional IPO. For access to live and exclusive video from CNBC subscribe to CNBC PRO: Chamath Palihapitiya has found his next SPAC target — Clover Health, a Medicare insurance start-up backed by Alphabet.
Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds, $400 million of which will be provided through a Palihapitiya-led private investment in the public entity.
“What we have is a business that’s actually delivering the promise of technology-improving, better outcomes and lower cost health care,” Palihapitiya said on CNBC’s “Squawk Box” on Tuesday. It’s “a market that I think is huge and growing quickly” and a business “that is consistently taking share year over year over year.”
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