Here’s Why Clover Health’s SPAC Acquirer Is Soaring on Thursday

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Shares of Social Capital Hedosophia Holdings III (NYSE: IPOC) were rising on Thursday. As of 12:30 p.m. EST, the SPAC led by notable venture capital investor Chamath Palihapitiya had risen by more than 9% after soaring by over 10% earlier in the day.

Social Capital Hedosophia Holdings III is a special purpose acquisition company, or SPAC. It announced in late 2020 that it had agreed to acquire and take public Clover Health, an innovative and technology-focused Medicare Advantage insurance provider.

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