SAN FRANCISCO and AUSTIN, Texas, June 08, 2020 (GLOBE NEWSWIRE) -- Open Lending, LLC (“Open Lending”), a leading provider of lending enablement and risk analytics solutions to financial institutions, and Nebula Acquisition Corporation (NASDAQ: NEBU) (“Nebula”), a special purpose acquisition company sponsored by True Wind Capital, L.P. (“True Wind Capital”), today announced that they expect all conditions to the closing of the previously announced business combination between Open Lending and Nebula to be satisfied or waived after the special meeting of Nebula’s stockholders to be held on June 9, 2020.

Open Lending and Nebula have agreed to increase the price that will be paid to redeem Nebula’s public warrants from $1.50 to $1.80 per whole warrant, if the holders of at least a majority of Nebula’s public warrants vote to approve the amendment to Nebula’s warrants at the special meeting of Nebula’s warrantholders to be held on June 9, 2020.

In addition, the parties have waived the condition to closing the business combination that requires the holders of at least a majority of Nebula’s public warrants approve an amendment to Nebula’s warrants such that all of Nebula’s warrants will be redeemed upon the closing of the business combination. Therefore, regardless of the results of the special meeting of Nebula’s warrantholders, the parties expect to close the business combination on June 10, 2020 or shortly thereafter.

In connection with the proposed business combination, Nebula filed a definitive proxy statement/prospectus (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 warrantholders of record as of the close of business on May 13, 2020. If any Nebula stockholder or warrantholder 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).

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. For more information, please visit www.TrueWindCapital.com/Nebula.

About True Wind Capital

True 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.