Root's Shares Plummet Over 90% Since IPO.
Originally Published 2 years ago — by The Columbus Dispatch
Shares of Columbus-based auto insurance company Root more than doubled on Wednesday after a report that Embedded Insurance has offered to buy the company for $19.34 a share, valuing it at around $280 million. Root, which went public in October 2020, has struggled since then, with shares tumbling more than 90%, staff cuts, and rate hikes. However, CEO Alex Timm said in May that the company was on a path toward profitability.
