---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-204965"
form_type: "8-K"
ticker: "EVER"
cik: "0001640428"
company_name: "EverQuote, Inc."
filed_at: "2023-08-07T23:59:59+00:00"
generated_at: "2026-06-12T04:21:29.055954+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# EverQuote sells health insurance unit for $13.2M; credit facility amended with tighter terms

## Summary
- Sold Eversurance LLC health insurance vertical to MyPlanAdvocate for $13.2M cash, closed Aug 1, 2023.
- Amended credit facility: revolver cut from $35M to $25M, interest rate floor raised from 4.25% to 7.00%.
- New covenant: Adjusted Quick Ratio min 1.10:1; sweep trigger at <1.30:1 allows lender to apply cash receipts.
- Eliminated term loan availability and replaced financial covenants with Adjusted Quick Ratio.
- Three-year non-compete on direct-to-consumer health/Medicare agency sales for EverQuote.

## SEC filing metadata
- accession: 0001193125-23-204965
- form_type: 8-K
- ticker: EVER
- cik: 0001640428
- company_name: EverQuote, Inc.
- filed_at: 2023-08-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 2.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/0001193125-23-204965-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/d542443d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-204965
- JSON: https://secwatch.observer/filing/0001193125-23-204965.json
- Plain text: https://secwatch.observer/filing/0001193125-23-204965.txt

## Key facts
- Earnings Releases
  EverQuote, Inc. reported financial results for fiscal quarter ended June 30, 2023.
  - Period: fiscal quarter ended June 30, 2023
  - Result: reported results
  source text: On August 7, 2023, the Company issued a press release reporting financial results for the fiscal quarter ended June 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/0001193125-23-204965-index.htm
- M&A Transactions
  EverQuote, Inc. completed a disposition involving MyPlanAdvocate Insurance Solutions Inc. for $13.2 million (closed 2023-08-01).
  - Action: disposition
  - Counterparty: MyPlanAdvocate Insurance Solutions Inc.
  - Consideration: $13.2 million
  - Closing: 2023-08-01
  source text: selling to the Buyer all of the issued and outstanding membership interests of its subsidiary, Eversurance, LLC, an Indiana limited liability company, for cash consideration of $13.2 million, subject to customary post-closing adjustments (collectively, the “Transaction”). The Transaction closed concurrently with execution of the Purchase Agreement. The Purchase
  evidence_url: https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/0001193125-23-204965-index.htm
- Material Agreements
  EverQuote, Inc. entered into Loan and Security Modification Agreement (Consent and Release) with Western Alliance Bank valued at Consented to asset sale and released security interests in Disposed Assets (effective 2023-08-01).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Western Alliance Bank
  - Value: Consented to asset sale and released security interests in Disposed Assets
  - Effective: 2023-08-01
  source text: On August 1, 2023, the Company entered into a Loan and Security Modification Agreement (the “Consent and Release”) with Western Alliance Bank (the “Lender”), which modified the Amended and Restated Loan and Security Agreement, dated August 7, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) between the Company and the Lender.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/0001193125-23-204965-index.htm
- Material Agreements
  EverQuote, Inc. entered into Purchase and Sale Agreement with MyPlanAdvocate Insurance Solutions Inc. valued at Total cash consideration of $13.2 million for sale of membership interests of Eversurance, LLC (effective 2023-08-01).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: MyPlanAdvocate Insurance Solutions Inc.
  - Value: Total cash consideration of $13.2 million for sale of membership interests of Eversurance, LLC
  - Effective: 2023-08-01
  source text: On August 1, 2023, EverQuote, Inc. (the “Company”) entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with MyPlanAdvocate Insurance Solutions Inc. (the “Buyer”), a Delaware corporation, pursuant to which the Company agreed to sell to the Buyer assets relating to its health insurance vertical (as further described in the Purchase Agreement, the “Disposed Assets”), by selling to the Buyer all of the issued and outstanding membership interests of its subsidiary, Eversurance, LLC, an Indiana limited liability company, for cash consideration of $13.2 million, subject to customary post-closing adjustments (collectively, the “Transaction”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/0001193125-23-204965-index.htm
- Material Agreements
  EverQuote, Inc. entered into Loan and Security Modification Agreement (Loan Amendment) with Western Alliance Bank valued at Revolving line decreased from $35.0M to $25.0M, interest rate updated to greater of 7.00% and prime (effective 2023-08-07).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Western Alliance Bank
  - Value: Revolving line decreased from $35.0M to $25.0M, interest rate updated to greater of 7.00% and prime
  - Effective: 2023-08-07
  source text: On August 7, 2023, the Company entered into an additional Loan and Security Modification Agreement (the “Loan Amendment”) with the Lender, which further modified the Loan Agreement (the Loan Agreement, as amended by the Loan Amendment, the “Amended Loan Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1640428/000119312523204965/0001193125-23-204965-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.