I am writing to share some very exciting news with you about Open Lending’s future. Monday morning, we publicly announced our plans to enter into a business combination with a company called Nebula Acquisition Corporation ("NEBU.U"). Following the successful completion of this proposed transaction, Open Lending will become a publicly-listed company, trading on the NASDAQ. This event, which will enable us to access increased financial resources to support our future growth plans, marks an exciting new chapter in our history.
Led by a team of talented investment professionals who have significant experience helping private companies access the public markets, Nebula was formed to identify an attractive technology company with whom they could collaborate. After reviewing multiple high quality businesses, Nebula was most impressed by our substantial market and growth opportunities.
This business combination will provide us with access to an experienced and supportive partner that can help strategically expand our presence and enhance our company. We do not anticipate any changes will be made to our programs, corporate offices or management team. In fact, this business combination was made possible because Nebula recognized the strength of our operational structure and team members. As far as day to day it will be business as usual.
Open Lending was founded on investments from friends and family 20 years ago and this will allow those original investors the ability to finally see some liquidity if they so choose. We all believe that Open Lending is still in the very early stages of where this company can go and look forward to working with our existing customers and partners to accomplish our goal of helping auto lenders grow their auto loan portfolios safely.
Sincerely,
John Flynn
Co-Founder, President and Chief Executive Officer