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Insurance Acquisition Corp.

INSU · Nasdaq

Trust settledSHIFT TECHNOLOGIES, INC. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Cohen Circle (Betsy Cohen), listed on Nasdaq in March 2019.
What it's doing now
It agreed to buy SHIFT TECHNOLOGIES, INC., an used car e-commerce and retail platform company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
SHIFT TECHNOLOGIES, INC.
Industry
Consumer Discretionary — used car e-commerce and retail platform
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
21 March 2019
size not on file
Headquarters
2525 16TH STREET, SAN FRANCISCO, CA, 94103
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Sheehy Kimberly H. (Director) · CURTIS JASON TRAVIS (CFO, CAO) · Venkata Maruthi JD
Listed securities
INSU common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 21 March 2019IPOpassed

    IPO size not on file

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • SHIFT TECHNOLOGIES, INC.—
    closedConsumer Discretionary

    What SHIFT TECHNOLOGIES, INC. does — read from shift-technology.com on 26 August 2026

    Shift Technology provides AI agents for the insurance industry to transform critical work such as claims handling, fraud detection, and subrogation. Their solutions include Coverage & Liability, Fraud & Risk, Subrogation, Injury, Process, Payment Integrity, and an Insurance Data Network (IDN). The company claims to be trusted by 100% of the top 5 U.S. P&C insurers and has analyzed over 4 billion policies, claims, and documents.

    InsuranceP&C InsuranceHealthcare
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    Min-cash condition
    $58M
    Break fee
    $4M
    stated in:0001762322-22-000087 opens on sec.gov in a new tab0001140361-22-034638 opens on sec.gov in a new tab

The score

deterministic, from filed fields

INSU is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Insurance Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker INSU. The company priced its initial public offering on March 21, 2019, pursuant to a 424B4 prospectus filed under SEC file number 333-229741 and S-1 registration statement 0001213900-19-002850, which was originally filed on February 19, 2019. The registrant was assigned SEC CIK 0001762322 and carried the SIC industry code 5500. On October 14, 2020, the company filed an 8-K (accession 0001213900-20-031273) reporting a change in shell company status under Item 5.06, marking the completion of its business combination. EDGAR now lists this CIK under the name Shift Technologies, Inc., and the vehicle no longer files.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • S-4/A7 November 20220001140361-22-040058opens on sec.gov in a new tab

    Each CarLotz Class A share converts into 0.692158 of a Shift Class A share, adjusted immediately before the effective time to Shift's outstanding shares multiplied by 99.99%, divided by CarLotz's fully diluted shares excluding earnout shares and units, warrants and underwater options. On the share counts of August 8, 2022 that leaves Shift holders approximately 52.89% and CarLotz holders approximately 47.11% fully diluted. Both sides are in Nasdaq bid-price deficiency, CarLotz notified June 7, 2022 and Shift October 4, 2022, and Shift seeks a reverse split of 1-for-5 to 1-for-10.

  • S-4/A2 November 20220001140361-22-039438opens on sec.gov in a new tab

    Each CarLotz Class A share converts into 0.692158 of a Shift share, adjusted immediately prior to the effective time to the product of Shift's outstanding shares and 99.99%, divided by CarLotz's fully diluted as-converted share count with certain securities excluded. Both sides are in listing trouble: CarLotz received a Nasdaq deficiency letter on June 7, 2022 and Shift one on October 4, 2022, each for closing below the $1.00 minimum bid price for 30 consecutive business days. Shift stockholders are also asked to approve a reverse split at a ratio between 1-for-5 and 1-for-10.

  • S-4/A18 October 20220001140361-22-037647opens on sec.gov in a new tab

    A near-exact split with no trust and no redemption right: former CarLotz stockholders are expected to hold about 49.99% and current Shift stockholders about 50.01% of the issued and outstanding shares, with the fully diluted equivalents still printed as blanks. On shares outstanding at September 20, 2022, Shift expects to issue approximately 85,543,450 shares. The negotiating history is explicit: Shift's May 16, 2022 indication of interest offered a fixed 0.5093 ratio, about 38% pro forma for CarLotz; CarLotz countered at 0.9; Shift held a $100 million minimum cash condition on CarLotz.

  • S-426 September 20220001140361-22-034638opens on sec.gov in a new tab

    Every figure this version states is the one Amendment No. 1 repeats three weeks later: former CarLotz stockholders about 49.99% and current Shift stockholders about 50.01% of the issued and outstanding shares, the fully diluted equivalents left blank, and approximately 85,543,450 Shift shares to be issued on the September 20, 2022 share count. There is no trust, no redemption right and no sponsor promote. CarLotz had received a Nasdaq bid-price deficiency letter on June 7, 2022, its stock having closed below the minimum for 30 consecutive business days.

  • S-4/A23 September 20200001213900-20-027990opens on sec.gov in a new tab

    Five amendments in, the central number is still not knowable: the filing repeats that stockholders will not know at the time of the vote how many Merger Shares Shift's holders receive, because the 38,000,000 is subject to downward adjustment for the Converted Option Share Equivalent Number and possibly the Net Asset Amount. The 6,000,000 escrowed shares release in two halves only if the closing price exceeds $12.00 within 12 months and $15.00 within 30 months, for 20 of any 30 consecutive trading days, and a change of control at $10.00 or more deems an unmet threshold achieved.

  • S-4/A18 September 20200001213900-20-027251opens on sec.gov in a new tab

    Holders vote without knowing the price: because the Merger Shares are subject to downward adjustment for the Converted Option Share Equivalent Number and the Net Asset Amount, the filing states stockholders will not know at the time of the vote how many shares Shift's holders will receive. The 6,000,000 escrowed shares turn on two price tests — half returned unless the stock exceeds $12.00 for 20 of any 30 consecutive trading days within 12 months, half unless it exceeds $15.00 within 30 months. A change of control at or above $10.00 per share deems either test met.

Show 4 more material filings
  • S-4/A4 September 20200001213900-20-025334opens on sec.gov in a new tab

    Nothing a stockholder votes on changed, and the terms of the Shift merger are not in this document — a reader looking here for them must use the amendment that carries the proxy statement/prospectus. What it records is the mechanical step that precedes effectiveness, an auditor's consent missing from the previous amendment. The exhibit index confirms the deal papers are the Agreement and Plan of Merger dated June 29, 2020 and the First Amendment dated August 19, 2020, both included as Annex A to the proxy statement/prospectus.

  • S-4/A3 September 20200001213900-20-025244opens on sec.gov in a new tab

    The filing states plainly that stockholders will not know the number of Merger Shares when they vote: the 38,000,000 is subject to downward adjustment for the Converted Option Share Equivalent Number and possibly for the Net Asset Amount. The 6,000,000 escrowed Additional Shares split into two halves, released only if the closing price exceeds $12.00 for 20 of any 30 consecutive trading days within 12 months and $15.00 within 30 months; otherwise each half is returned to the company. A change of control at or above $10.00 per share deems an unmet threshold achieved.

  • S-4/A19 August 20200001213900-20-022932opens on sec.gov in a new tab

    The 38,000,000 Merger Shares are a ceiling rather than a fixed number: they are subject to downward adjustment based on the Converted Option Share Equivalent Number and to possible further downward adjustment based on the Net Asset Amount, so Shift's holders can receive less but not more. The 6,000,000 Additional Shares go into escrow rather than to holders at closing. The meeting is a special meeting in lieu of the 2020 annual meeting, and the proxy statement/prospectus remains subject to completion with no date fixed.

  • S-417 July 20200001213900-20-017697opens on sec.gov in a new tab

    The 44,001,000 figure is a ceiling on the stock going to the target's holders and it already includes shares behind Shift's own options and warrants, so the dilution a public holder faces is stated on a fully diluted basis rather than on outstanding shares alone. Because the registered amount is a share count rather than a dollar value, redemptions do not reduce what Shift holders receive — they reduce only the cash the combined company keeps. The $11.40 price is a fee-calculation estimate, not a deal term.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001213900-23-073952

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Retail-Auto Dealers & Gasoline Stations (5500)
Registered inDelaware
Exchange · CIKNasdaq · 0001762322

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

18 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

33 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail5 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

INSU — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 5500 (Retail-Auto Dealers & Gasoline Stations). The screen found it by filing SHAPE instead — S-1 2019-02-19 → 8-A12B 2019-03-18 → 424B4 2019-03-21 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 5500 + self-described blank check in 424B4 0001213900-19-004625; 424B 0001213900-19-004625 priced 2019-03-21 under S-1 0001213900-19-002850 (file 333-229741, an offering for cash); common ticker INSU off 10-Q 0001213900-20-021862 (2020-08-13); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-229741, which belongs to S-1 0001213900-19-002850 (2019-02-19) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2019-03-21). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-20-031273 (2020-10-14) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,5.01,5.02,5.03,5.06,9.01). EDGAR now files this CIK as "SHIFT TECHNOLOGIES, INC." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "Insurance Acquisition Sponsor, LLC" (SEC CIK 0001762321) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-19-004493.

Deal — SHIFT TECHNOLOGIES, INC.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001762322 records "Insurance Acquisition Corp." ending 2020-10-13; the registrant continues as "SHIFT TECHNOLOGIES, INC.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2020-10-13. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] minCashM=58.330299, terminationFeeM=4.25 from primary filings (0001762322-22-000087, 0001140361-22-034638).

PROFILE-STUB2026-08-25

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

SEGMENT-FROM-FILING2022-11-07

OTHER confirmed, on S-4/A 0001140361-22-040058: "Shift and CarLotz have entered into the Merger Agreement, which provides for the combination of Shift and CarLotz."

Back to the screenerVault note