October 3, 2022

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METROMILE COMPLETES Small business Combination, WILL Start out Trading ON NASDAQ AS ‘MILE’

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PHILADELPHIA AND SAN FRANCISCO, Feb 09, 2021 (Globe NEWSWIRE by means of COMTEX) —
PHILADELPHIA AND SAN FRANCISCO, Feb. 09, 2021 (World NEWSWIRE) — Metromile, Inc. (“Metromile”), a major digital insurance coverage system and shell out-per-mile vehicle insurance company, nowadays declared it done its business enterprise blend (the “Enterprise Mix”) with INSU Acquisition Corp. II (“INSU II”) (NASDAQ: INAQ), a publicly traded special objective acquisition enterprise sponsored by Cohen & Business, LLC, a subsidiary of Cohen & Enterprise Inc. (NYSE American: COHN). The Small business Blend was permitted previously nowadays by INSU II’s stockholders.

The combined firm is named Metromile, Inc., and its frequent stock will trade commencing February 10, 2021, on NASDAQ under the ticker image “MILE,” though its warrants will trade on NASDAQ under the ticker symbol “MILEW.”

“Now is an critical milestone for Metromile, but not the desired destination. We are committed to furnishing consumers fair, serious-time and individualized insurance plan,” stated Dan Preston, Main Govt Officer of Metromile. “We believe the potential of insurance is technological innovation that operates to everyone’s profit. As a general public firm, we think we are well-positioned to speed up our designs and deliver sustainable and rewarding expansion to our stockholders. We search forward to bringing our customized electronic insurance coverage to communities nationwide and, by Metromile Enterprise, partnering with much more insurers to modernize insurance everywhere.”

The Business enterprise Combination was funded by a combination of INSU II’s roughly $230 million income-in-belief and $170 million of proceeds from the earlier introduced personal placement of INSU II’s shares, which was fully dedicated by a pool of institutional and strategic buyers.

“We are excited to close our organization combination with Metromile and eagerly anticipate its following chapter in offering actual-time, individualized digital car insurance plan nationwide,” said Daniel Cohen, Chairman of the Board of Administrators of INSU II. “Dan and his major-notch workforce of technologists and insurance plan veterans have developed a organization that has a clear competitive edge and is on the forefront of the electronic insurance coverage evolution. This business blend provides Metromile with the cash essential to execute on several development possibilities effectively, and to support bring the era of set-price tag vehicle insurance policy to an stop.”

J.P. Morgan Securities LLC served as distinctive financial advisor to Metromile, and Cooley LLP served as lawful counsel to Metromile in connection with the transaction. Cantor Fitzgerald & Co., J.P. Morgan Securities LLC, Wells Fargo, Piper Sandler and Northland Funds Marketplaces acted as money markets advisors to INSU II. J.P. Morgan Securities LLC, Wells Fargo, and Allen & Company served as placement brokers to INSU II, and Latham & Watkins LLP served as lawful counsel to the placement brokers. Ledgewood served as authorized counsel to INSU II in relationship with the transaction.

The CUSIP quantity for Metromile’s typical inventory is 591697 107 and 591697 115 for the warrants.

About Metromile

Metromile is a top electronic coverage system in the United States. With facts science as its basis, Metromile offers real-time, customized vehicle insurance policies policies by the mile, instead of the marketplace conventional approximations and estimates that have historically designed charges unfair. Metromile’s digitally native presenting is crafted about the fashionable driver’s requires, showcasing automatic promises, complimentary sensible driving options and yearly typical savings of 47{9e6a73ef7eb6fa22b1de79554ca535a2a0aaa70d898e937e26eb250763832f63} around what they were paying out their preceding car insurance provider.

In addition, by Metromile Enterprise, it licenses its technological innovation platform to insurance coverage companies all over the earth. This cloud-based mostly software package as a assistance permits carriers to operate with greater efficiency, automate claims to expedite resolution, lessen losses affiliated with fraud, and unlock the efficiency of personnel.

For additional details about Metromile, stop by www.metromile.com and organization.metromile.com.

About INSU Acquisition Corp. II

INSU Acquisition Corp. II is a distinctive reason acquisition company sponsored by Cohen & Corporation, LLC, a subsidiary of Cohen & Firm Inc. (NYSE American: COHN) and fashioned for the objective of getting into into a merger, capital inventory exchange, asset acquisition, stock buy, reorganization or related business enterprise combination with just one or much more companies, with a target on the insurance policy business. The company elevated $230,000,000 in its original public providing in September 2020 and is stated on the NASDAQ beneath the symbols “INAQ”, “INAQU” and “INAQW”.

Forward-On the lookout Statements

The info in this push launch consists of “forward-searching statements” in just the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Ahead-hunting statements may well be identified by the use of terms this kind of as “will,” “intend,” “be expecting,” “anticipate,” “think,” or other related expressions that forecast or show long term occasions or tendencies or that are not statements of historical issues. These forward-seeking statements include, but are not restricted to, expectations relevant to Metromile’s growth approach and acceleration thereof, its capability to come to be profitable and deliver sustained development, the sufficiency of the cash from the organization blend and the private placement, and Metromile’s means to end the fastened-priced automobile insurance coverage era. These statements are primarily based on numerous assumptions, whether or not discovered in this push launch, and on the latest expectations of management and are not predictions of genuine effectiveness. These forward-wanting statements are delivered for illustrative functions only and are not supposed to provide as, and will have to not be relied on by any investor as, a promise, an assurance, a prediction or a definitive statement of actuality or chance. Genuine activities and situations are tough or unattainable to predict and will vary from assumptions. Lots of precise occasions and circumstances are further than the regulate of Metromile. These forward-on the lookout statements are issue to a variety of pitfalls and uncertainties, such as improvements in domestic and foreign organization, market place, fiscal, political and lawful circumstances and individuals things discussed in below the heading “Hazard Elements” in the definitive proxy assertion/prospectus filed with the SEC beneath Rule 424(b)(3) on January 15, 2021 and other paperwork Metromile filed, or to be filed, with the SEC. If any of these pitfalls materialize or our assumptions demonstrate incorrect, genuine results could vary materially from the results implied by these ahead-searching statements. There could be additional pitfalls that Metromile does not presently know or that Metromile at the moment believes are immaterial that could also trigger actual success to differ from individuals contained in the forward-seeking statements. In addition, forward-wanting statements replicate Metromile’s anticipations, designs or forecasts of long run situations and sights as of the day of this push launch. Metromile anticipates that subsequent functions and developments will trigger Metromile’s assessments to adjust. While Metromile might elect to update these ahead-on the lookout statements at some issue in the long term, Metromile specially disclaims any obligation to do so. These ahead-on the lookout statements ought to not be relied on as symbolizing Metromile’s assessment as of any day subsequent to the day of this push release. Appropriately, undue reliance should not be put upon the forward-hunting statements.

Contacts

Investor Relations

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

General public Relations

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

INSU II and Cohen & Business

Amanda Abrams
[email protected]
215-701-9693

COMTEX_380531650/2471/2021-02-09T12:50:48

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