Open Lending, LLC (“Open Lending”), a leading provider of lending
enablement and risk analytics solutions to financial institutions,
today announced it certified 5,561 loans during the month of May, a
greater than 30% increase to the midpoint of the revised guidance
and ahead of the high end of the revised guidance for the month.
Despite COVID-19 pressures on automotive dealerships, Open
Lending’s certification volume is up over 25% year-to-date.
John Flynn, CEO and President of Open Lending
commented, “We’ve seen positive trends in our certification volumes
in the second half of April and continuing throughout May, leading
us to believe the worst of the COVID-19 impact is behind us. The
recent success puts us ahead of our revised plan for May, driven by
the low interest rate environment, traditional lenders retrenching,
and commuters shifting away from public modes of transportation.
According to recent data from J.D. Power, wholesale vehicle prices
have recovered from their lows in mid-April with the weekly
wholesale auction price index now down just 1.9% from
pre-coronavirus estimates. Our lending partners have been resilient
and continue to utilize our platform, showcased by our 96% lender
retention from December 2019 to May 2020. Further, many new lenders
have taken these times as an opportunity to adopt our platform. We
added 27 lenders onto the platform in 2020 through April, resulting
in a net increase in lenders over the same period.”
In addition, Open Lending and Nebula Acquisition
Corporation (NASDAQ: NEBU) ("Nebula"), a special purpose
acquisition company sponsored by True Wind Capital, L.P. (“True
Wind Capital”), today announced the special meeting to approve
their business combination has been scheduled to be held on June 9,
2020, as described in the definitive proxy statement/prospectus
dated May 22, 2020 (the “Proxy Statement”) of Nebula Parent
Corporation (the “Company”). The parties expect to close the
business combination on or about June 10, 2020.
The updated transaction terms can be found in
the investor presentation published Wednesday, May 13, 2020. In
connection with the proposed business combination, Nebula filed the
Proxy Statement with the Securities and Exchange Commission (the
“SEC”) on May 22, 2020, and the Proxy Statement and proxy card were
mailed shortly thereafter to Nebula stockholders and warrant
holders of record as of the close of business on May 13, 2020. If
any Nebula stockholder or warrant holder does not receive the Proxy
Statement, such stockholder should confirm the proxy's status with
their broker, or contact Morrow Sodali LLC ("Morrow"), Nebula's
proxy solicitor, for help, toll-free at (800) 662-5200 (banks and
brokers can call collect at (203) 658-9400).
As previously announced and described in
Nebula’s definitive proxy statement dated May 18, 2020, Nebula has
scheduled a separate special meeting of its stockholders to extend
the date by which Nebula has to consummate a business combination
from June 12, 2020 to June 30, 2020, if necessary to provide
additional time to close the proposed business combination (the
“Extension Meeting”). Nebula is postponing the Extension Meeting to
12:00 p.m., Eastern time, on June 9, 2020, immediately following
the special meetings of Nebula’s stockholders and warrantholders
being held to approve the proposed business combination. The
Extension Meeting was previously scheduled to occur at 11:00 a.m.,
Eastern time, on June 3, 2020. The Extension Meeting will still be
held at the offices of Greenberg Traurig, LLP, located at 1750
Tysons Boulevard, Suite 1000, McLean, Virginia 22102.
The deadline for Nebula’s public stockholders to
exercise their redemption rights in connection with the extension
has been postponed to 4:30 P.M., Eastern time, on Friday, June 5,
2020 (two business days before the Extension Meeting).
If you have not submitted a proxy for use at the
Extension Meeting, you are urged to do so promptly. No action is
required by any stockholder who has previously delivered a proxy
and who does not wish to revoke or change that proxy. Information
about voting or revoking a proxy is included in the proxy statement
filed by Nebula with the SEC on May 18, 2020, which is available
without charge on the SEC’s website at http://www.sec.gov.
About Open Lending Open Lending, through its
flagship product, Lenders Protection, offers loan analytics,
risk-based pricing, risk modeling and default insurance, ensuring
profitable auto loan portfolios for financial institutions
throughout the United States. For more information, please visit
www.OpenLending.com.
About Nebula Acquisition Corporation Nebula
Acquisition Corporation, sponsored by True Wind Capital and led by
Adam H. Clammer and James H. Greene, Jr., is a blank check company
formed for the purpose of entering into a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses in the
technology industry.
About True Wind CapitalTrue Wind Capital is a
San Francisco-based private equity firm focused on investing in
leading technology companies with a broad mandate including
software, data analytics, tech-enabled services, internet,
financial technology, and hardware. True Wind Capital is a
value-added partner, providing support and expertise that is rooted
in its teams’ 75+ years of collective investing experience. Mr.
Adam H. Clammer and Mr. James H. Greene, Jr., are the founding
partners of True Wind Capital.
Important Information and Where to Find ItA
full description of the terms of the transaction are provided in
the Proxy Statement that Nebula filed with the SEC on May 22, 2020,
which also constitutes a prospectus of the Company. Nebula
urges investors, stockholders, warrantholders and other interested
persons to read the Proxy Statement as well as other documents
filed with the SEC because these documents contain important
information about Nebula, Open Lending, ParentCo and the
transaction. The Proxy Statement will be mailed to
stockholders of Nebula as of the record date established for voting
on the proposed transaction. Nebula’s stockholders and
warrantholders are also able to obtain a copy of the Proxy
Statement, without charge, by directing a request to: Nebula
Acquisition Corporation, Four Embarcadero Center, Suite 2100, San
Francisco, CA 94111. The Proxy Statement, can also be obtained,
without charge, at the SEC’s website (www.sec.gov).
Participants in the SolicitationNebula, Open
Lending and the Company and their respective directors and
executive officers may be considered participants in the
solicitation of proxies with respect to the potential transaction
described in this press release under the rules of the SEC.
Information about the directors and executive officers of Nebula
and the persons who may, under the rules of the SEC, be deemed
participants in the solicitation of the stockholders in connection
with the potential transaction is set forth in the Proxy Statement
and other materials that may be filed with the SEC regarding the
transaction. These documents can be obtained free of charge from
the sources indicated above.
Non-SolicitationThis press release is not a
proxy statement or solicitation of a proxy, consent or
authorization with respect to any securities or in respect of the
potential transaction and shall not constitute an offer to sell or
a solicitation of an offer to buy the securities of Nebula, Open
Lending or the Company, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act of
1933, as amended.
Forward-Looking StatementsThis press release
includes certain statements that are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “should,” “would,”
“plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These statements are based on various assumptions and on the
current expectations of Nebula’s and Open Lending’s management and
are not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of Nebula and Open Lending. These forward looking
statements are subject to a number of risks and uncertainties,
including general economic, political and business conditions, the
potential effects of COVID-19, applicable taxes, inflation,
interest rates and the regulatory environment, the outcome of
judicial proceedings to which Open Lending is, or may become a
party, the inability of the parties to consummate the proposed
transaction; the risk that the approval of the stockholders of
Nebula or Open Lending for the potential transaction is not
obtained; failure to realize the anticipated benefits of the
potential transaction, including as a result of a delay in
consummating the potential transaction or difficulty in integrating
the businesses of Nebula and Open Lending; the amount of redemption
requests made by Nebula’s stockholders; those factors discussed in
Nebula’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 and the Proxy Statement under the heading “Risk
Factors,” and other documents of Nebula filed, or to be filed, with
the SEC. If the risks materialize or assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that Nebula, Open Lending and the Company presently do not know or
that they currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Nebula’s and Open Lending’s expectations, plans or
forecasts of future events and views as of the date of this press
release. Nebula and Open Lending anticipate that subsequent events
and developments will cause their assessments to change. However,
while Nebula and Open Lending may elect to update these
forward-looking statements at some point in the future, Nebula and
Open Lending specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing Nebula’s or Open Lending’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Contact:ICR for Open
LendingInvestorsopenlending@icrinc.com
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