$LMND is set to complete the acquisition of $MILE in Q2 with an all-stock deal.

Metromile shares will be converted to Lemonade shares on a 19:1 ratio. Metromile ended FY2021 with $121M cash on the balance sheet and 128.22M shares outstanding.

In a 19:1 all-stock acquisition, Lemonade (at current stock prices) will be acquiring Metromile for $137M. Subtract the value of cash to be acquired and $LMND gets all of $MILE's state insurance licenses, IP, telematics data, and in-force premiums for a mere $16M.

Steal of a deal.