Omnichannel Acquisition Corp. (OCA) and Kin Insurance Mutually Terminate Deal
by Marlena Haddad on 2022-01-26 at 4:50pm

Omnichannel Acquisition Corp. (NYSE:OCA) and direct-to-consumer homeowners insurance technology company Kin Insurance announced this afternoon that they have opted to mutually terminate their business combination agreement.

The SPAC cited unfavorable market conditions in its press release on the termination, but will turn back to the work of meeting with targets who can benefit from their team of consumer founders and operators. Going forward, Kin Insurance said it plans on “accessing the public markets when the time is appropriate.”

Omnichannel was heading into a shareholder vote to complete the transaction next week, February 1, but given the challenging equity markets environment, as well as the current SPAC redemption climate, the two likely opted to part ways instead. The deal was struck with a minimum cash condition of $200 million, and included a PIPE of $80 million PIPE at $10 per share from HSCM Bermuda and Senator Investment Group.

Omnichannel and Kin originally announced their intended combination on July 19, 2021, a little over six months ago. Omnichannel has roughly four months left on it’s clock with a completion deadline of May 25, 2022. Chicago-based Kin is a pure-play direct-to-consumer digital insurer for homeowners and allows customers to insure their home within just minutes.

Omnichannel is led by Chairman and CEO Matt Higgins, CFO Christine Pantoya and COO Austin Simon.

 

 

Recent Posts
by Kristi Marvin on 2024-11-30 at 10:01am

Terms Tracker for the Week Ending November 29, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This was a shortened holiday week, but SPACs still managed to put through a number of filings, which should usher in a busy first half...

by Nicholas Alan Clayton on 2024-11-29 at 12:42pm

Range Capital Acqusition Corp. (NASDAQ:RANGU) has filed to launch a $100 million SPAC with a broad approach, but with expertise in natural resources. The vehicle becomes the fourth SPAC that underwriter EarlyBirdCapital has put its name on so far this year, but it bears some different features than the rest of its 2024 slate. EarlyBirdCapital...

by Nicholas Alan Clayton on 2024-11-29 at 9:42am

This holiday season is set to be an exciting one in the SPAC world as 10 sponsors and 11 de-SPAC’d companies can expect the gift of a lock-up expiration to mark it with. This makes it the busiest month for such activity in the second half of the year and at least a few parties...

by Nicholas Alan Clayton on 2024-11-29 at 8:13am

At the SPAC of Dawn For Black Friday’s truncated trading session today, the broader action is likely to be focused on consumer stocks as investors gauge the scope of this year’s holiday spending surge. But, much of this will pass right by SPACs, because consumer has been a sector that has stymied teams more often...

by Nicholas Alan Clayton on 2024-11-27 at 8:24am

At the SPAC of Dawn Among target sectors, edtech is one that SPACs have done a fair amount of sniffing around without a clear, signature success. On one hand, the four SPAC deals that have been completed in the space dating back to 2020 trade roughly in line with the median share price of all...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved