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.
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....