Shareholders of Insu Acquisition Corp II (NASDAQ: INAQ) have approved the reverse merger with Metromile.
What’s Next for Metromile shareholders: Shares of Insu Acquisition Corp II are likely to stop trading as INAQ in two business days from today. Shares of the new company will trade as symbol MLE on the NASDAQ.
It is anticipated that the transaction will provide Metromile with up to approximately $294 million of cash at closing. The combined company expects to use proceeds from the transaction to reduce existing debt and accelerate growth initiatives.
“The option to pay for insurance by the mile is a game changer and why I’m incredibly excited about Metromile’s future!” said entrepreneur and early Metromile investor Mark Cuban.
Prior to the vote, shares of the special-purpose acquisition company closed at $19.25, up 80 percent from December when the Metromile deal was announced. Shares of Insu Acquisition Corp II are trading up 3% during pre-market session on Tuesday.