[New post] Doma goes public, but investors cash out early

Sea Point Realtors posted: " Digital title provider Doma has finally gone public but has already had to pay out nearly $ 300 million to early investors who took back their stakes. Backers said in March that they expected the SPAC merger to raise $ 645 million in cash – $ 300 " Respond to this post by replying above this line New post on Sea Point Realtors Doma goes public, but investors cash out early by Sea Point Realtors Digital title provider Doma has finally gone public but has already had to pay out nearly $ 300 million to early investors who took back their stakes. Backers said in March that they expected the SPAC merger to raise $ 645 million in cash – $ 300 million from private investors and an additional $ 345 million from a December IPO of Capitol Investment Corp. V., the blank check company with which Doma was to merge. But Capitol investors exercised rights to redeem nearly 30 million public shares in the company in connection with the merger. At about $ 10 per share, the payouts from the redemption reduced the merger proceeds by about $ 295 million. Since Doma only waived 350 million Doma, however, the non-fulfillment of the "minimum liquidity requirement" and the merger was completed. Doma opened at $ 6.81 on Monday after opening at $ 8.20 last Thursday – the company's first day on New York Stock Exchange. By the end of trading on Thursday, Doma shares had fallen more than 10%; However, Doma shares rose more than 3% on Friday. "For us, this transaction is about accelerating our ability to penetrate and revolutionize first the antiquated $ 23 billion title, escrow and closure market, and finally the broader $ 318 billion market for home ownership services." said Max Simkoff, CEO of Doma. "Ultimately, our vision is to have many of the most important experiences when buying a home, instantly and digitally. We look forward to this next phase as a stock corporation. " Doma had sales of $ 179.8 million in 2019 and $ 189.7 million in 2020, according to filings filed with the Securities and Exchanges Commission. Generally accepted accounting principles (GAAP) revenue is projected to exceed $ 226.4 million in 2021 and over $ 600 million in 2023. Notable Doma clients include Wells Fargo, Chase, Homepoint, PennyMac, and Sierra Pacific Mortgage. In a press release, officials from Doma – one of which is NATIC, say State title, and North American title company as part of its family of brands – the rise in home purchases and refinancing in 2020 said "reveals the critical need for the technology-driven approach to real estate transactions that Doma is developing". The company currently has less than 1% of the U.S. title market but is projected to hold 5% by 2023. Doma is supported by Lennar, one of the largest house builders in the country. source https://seapointrealtors.com/2021/08/02/doma-goes-public-but-investors-cash-out-early/ This free site is ad-supported. Learn more ​ Sea Point Realtors | August 2, 2021 at 1:22 pm | Categories: Uncategorized | URL: https://wp.me/pd9jJd-K0 Comment    See all comments    Like Unsubscribe to no longer receive posts from Sea Point Realtors. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://seapointrealtors.wordpress.com/2021/08/02/doma-goes-public-but-investors-cash-out-early/ Thanks for flying with WordPress.com