Brief: Clover Health Announces Business Transformation Initiatives To Accelerate Path To Profitability

Clover Health Investments

17/04/2023 14:08

April 17 (Reuters) - Clover Health Investments Corp
 CLOV.O :
    * CLOVER HEALTH ANNOUNCES BUSINESS TRANSFORMATION
INITIATIVES TO
ACCELERATE PATH TO PROFITABILITY
    * CLOVER HEALTH INVESTMENTS - BUSINESS TRANSFORMATION
INITIATIVES
ARE EXPECTED TO GENERATE NET ANNUAL COST SAVINGS OF ABOUT $30
MILLION BEGINNING IN 2024
    * CLOVER HEALTH INVESTMENTS CORP - RECENTLY CONDUCTED AN
INDEPENDENT REDUCTION-IN-FORCE TO BETTER ALIGN ITS SG&A COST
STRUCTURE WITH ITS REVENUE BASE
    * CLOVER HEALTH INVESTMENTS CORP - RESTRUCTURING RESULTED IN
ELIMINATION OF APPROXIMATELY 10% OF CLOVER'S WORKFORCE
    * CLOVER HEALTH INVESTMENTS- SEES IT WILL CONTINUE TO
DELIVER
ADDITIONAL EFFICIENCIES IN FUTURE PERIODS VIA CONTINUED FOCUS ON
STREAMLINING OPERATIONS
    * CLOVER HEALTH INVESTMENTS CORP - EXPECTS TO RECORD A TOTAL
CHARGE OF ABOUT $7 TO $9 MILLION IN 1H2023 TO IMPLEMENT UST
HEALTHPROOF ARRANGEMENT
    * CLOVER HEALTH INVESTMENTS- EXPECTS TO RECORD A TOTAL
CHARGE OF
ABOUT $7 TO $9 MILLION IN 1H2023 TO IMPLEMENT ADDITIONAL
INTERNAL RESTRUCTURING ACTIONS

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