The combined company named Doma Holdings, Inc. will trade on the NYSE under DOMA
SAN FRANCISCO, July 28, 2021–(BUSINESS WIRE)–Doma Holdings, Inc. (formerly known as States Title Holding, Inc.) (“Doma”), a driving force of disruptive change in the real estate industry, and Capitol Investment Corp. V (NYSE: CAP) (“Capitol”), a publicly traded special purpose acquisition company, today completed its previously announced business combination. Doma uses artificial intelligence and its proprietary technology solutions to create a simpler, more efficient and affordable real estate closing experience for current and potential owners, lenders, title agents and real estate professionals. The combined company’s common stock and warrants are expected to begin trading on the New York Stock Exchange on July 29, 2021 under the symbols DOMA and DOMA.WS, respectively.
Proceeds from the transaction will be used by Doma to fuel growth, both through market expansion and new product development aimed at extending the strategic advantage customers gain from Doma’s artificial intelligence platform. Capitol shareholders approved the transaction at a special meeting in lieu of its 2021 annual meeting of shareholders on July 27, 2021. CEO Max Simkoff and the rest of Doma’s management team will continue to lead the combined company .
“For us, this transaction is intended to accelerate our ability to penetrate and revolutionize the obsolete $23 billion securities, escrow and closeout market first, and ultimately the broader homeownership services market. to ownership of $318 billion,” Simkoff said. “Our vision is to make many of the most important home buying experiences instant and digital. Today’s milestone is a testament to Doma’s impressive growth to date and the strength of our business. We look forward to looking forward to this next phase as a public company.”
Citigroup Global Markets Inc. acted as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Doma. JP Morgan Securities LLC acted as financial advisor and Latham & Watkins LLP acted as Capitol’s legal advisor. Deutsche Bank Securities Inc. also acted as capital markets advisor to Capitol. Citigroup Global Markets Inc. and JP Morgan Securities LLC acted as PIPE placement agents with JMP Securities LLC, Oppenheimer & Co. Inc. and DA Davidson & Co. as co-placement agents.
Doma (formerly States Title Holding, Inc.) designs the future of real estate transactions. The company uses artificial intelligence and its patented technology solutions to transform residential real estate, making closings instant and affordable. Doma and its family of brands – States Title, North American Title Company (NATC) and North American Title Insurance Company (NATIC) – provide solutions for current and prospective owners, lenders, title agents and real estate professionals that dramatically simplify closures and efficiently, reducing costs and increasing customer satisfaction. Doma’s clients include some of the largest bank and non-bank lenders in the United States. To learn more, visit doma.com.
Legend for forward-looking statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “estimate”, “plan”, “project”, “foresee”, “intend”, “will”, “expect”, “anticipate”, “believe”, “seek”, “target” or others similar expressions which predict or indicate future events or trends or which are not statements of historical matters. The absence of these words does not mean that a statement is not forward-looking. These statements are based on beliefs as well as assumptions made by information currently available to Doma’s management.
These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance measures, projections of market opportunities, total addressable market (“TAM”), market share and competition and the potential benefits of the transactions described herein. . These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Doma’s management and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to serve as, and should not be relied upon by, any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, will differ from assumptions and are beyond Doma’s control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks related to the uncertainty of projected financial information regarding Doma; future global, regional or local economic, political, business and social conditions, including as a result of the COVID-19 pandemic; the development, effects and application of laws and regulations, including with respect to the title insurance industry; Doma’s ability to manage its future growth or to develop or acquire enhancements to its platform; the effects of competition on Doma’s future business; the outcome of any potential litigation, governmental and regulatory proceedings, inquiries and investigations; and the other factors described in the “Risk Factors” section of Doma’s filings from time to time with the SEC.
If any of these risks materialize, or if Doma’s assumptions prove incorrect, actual results could differ materially from the results implied by such forward-looking statements. There may be additional risks that Doma is not currently aware of or that Doma currently believes to be immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Doma’s expectations, plans or forecasts regarding future events and beliefs as of the date of this press release. Doma anticipates that subsequent events and developments will cause Doma’s valuations to change. However, while Doma may choose to update these forward-looking statements at some time in the future, Doma specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be taken as representing Doma’s assessment as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking statements.
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Investor contacts: Chris Mamone | The Blueshirt group for Doma | [email protected]
Media Contact: Martha Shaughnessy | The key PR for Doma | [email protected]