INSU Acquisition Corp. II Announces Stockholder Acceptance of Company Mix with Metromile

PHILADELPHIA AND SAN FRANCISCO, Feb. 09, 2021 (Globe NEWSWIRE) — INSU Acquisition Corp. II, a publicly traded distinctive objective acquisition corporation (“INSU II”) (NASDAQ: INAQ), these days announced the company mix (the “Business Combination”) between INSU II and Metromile, Inc. (“Metromile”), a major electronic insurance plan platform and pay-per-mile car insurance company, was accepted by INSU II’s stockholders, with the Small business Blend supported by around 99{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} of the shares of INSU II voted at the special assembly of INSU II stockholders (“Special Meeting”).

9 proposals ended up thought of and voted upon by its stockholders at the Particular Assembly on February 9, 2021. A Form 8-K disclosing the full voting outcomes will be submitted with the Securities and Exchange Commission on February 9, 2021.

Moreover, the deadline for electing redemptions has handed, and more than 99{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} of funds will remain in INSU II’s rely on account as of closing. As a result, INSU II will have about $400 million of proceeds obtainable in its have faith in account prior to the Business enterprise Mixture, which includes $170 million to be obtained in the beforehand declared private placement, which was accredited by INSU II’s stockholders and is predicted to shut concurrently with the closing of the Business enterprise Combination.

The Organization Combination is expected to close later today. Next the shut, the merged business will be renamed Metromile, Inc. and its widespread inventory and warrants are envisioned to getting buying and selling on  NASDAQ underneath the ticker symbols “MILE” and “MILEW”, respectively, commencing on February 10, 2021.

About Metromile

Metromile is a primary digital insurance policies system in the United States. With facts science as its basis, Metromile gives serious-time, individualized car coverage insurance policies by the mile, rather of the industry regular approximations and estimates that have historically made prices unfair. Metromile’s digitally native providing is created all-around the modern day driver’s desires, showcasing automatic promises, complimentary wise driving features and yearly typical cost savings of 47{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} over what they had been paying out their earlier auto insurer.

In addition, by means of Metromile Company, it licenses its technological know-how platform to insurance policy organizations all around the earth. This cloud-dependent software package as a support enables carriers to function with increased efficiency, automate promises to expedite resolution, decrease losses affiliated with fraud, and unlock the productiveness of workers. 

For additional details about Metromile, pay a visit to www.metromile.com and organization.metromile.com.

Forward-Wanting Statements

The data in this push release consists of “forward-looking statements” in the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Ahead-on the lookout statements may well be recognized by the use of text these types of as “will,” “intend,” “expect,” “anticipate,” “believe,” or other related expressions that forecast or reveal foreseeable future gatherings or developments or that are not statements of historical issues. These ahead-on the lookout statements contain, but are not constrained to, anticipations linked to the timing of completion of the Business Mix, the closing of the non-public placement and commencement of buying and selling on NASDAQ. These statements are based mostly on a variety of assumptions, whether or not determined in this press release, and on the present anticipations of Metromile’s and INSU II’s management and are not predictions . These ahead-hunting statements are presented for illustrative reasons only and are not intended to serve as, and need to not be relied on by any trader as, a assure, an assurance, a prediction or a definitive assertion of actuality or chance. True activities and situations are challenging or unattainable to forecast and could vary from assumptions. These ahead-seeking statements are issue to a selection of dangers and uncertainties, which include variations in domestic and foreign company, market, monetary, political and lawful problems the incapacity of the get-togethers to effectively or timely consummate the Company Blend or the non-public placement, as nicely as individuals variables reviewed in below the heading “Risk Factors” in the definitive proxy statement/prospectus filed with the SEC beneath Rule 424(b)(3) on January 15, 2021 and other files of INSU II filed, or to be filed, with the SEC. If any of these hazards materialize or our assumptions confirm incorrect, genuine final results could differ materially from the final results implied by these ahead-seeking statements. There may well be added hazards that neither INSU II nor Metromile presently know or that INSU II and Metromile at the moment think are immaterial that could also lead to precise effects to differ from those contained in the ahead-seeking statements. In addition, forward-looking statements reflect INSU II’s and Metromile’s anticipations, strategies or forecasts of upcoming activities and views as of the day of this press launch. INSU II and Metromile anticipate that subsequent occasions and developments will induce INSU II’s and Metromile’s assessments to change. However, although INSU II and Metromile might elect to update these forward-hunting statements at some issue in the upcoming, INSU II and Metromile particularly disclaim any obligation to do so. These forward-searching statements really should not be relied upon as symbolizing INSU II’s and Metromile’s assessments as of any day subsequent to the date of this push launch. Appropriately, undue reliance must not be placed upon the forward-hunting statements.

Contacts

Investor Relations

Garrett Edson, ICR
[email protected]
646-677-1889

Community Relations

Rick Chen, Metromile
[email protected]
415-676-7744

INSU II and Cohen & Organization

Amanda Abrams
[email protected]
215-701-9693