GPBI - Chamath Palihapitiya's Social Capital Hedosophia Holdings Corp. V rallying in premarket

Chamath Palihapitiya-backed SPAC Social Capital Hedosophia Holdings Corp. V (IPOE) is rallying some 7% in premarket trading Tuesday after falling some 9% Monday.IPOE is apparently rising on a combination of a bounce back from Monday’s big sell-off, coupled with word of an important M&A deal by Social Finance Inc. (SoFi), a fintech that the SPAC is in the process of acquiring.SoFi announced agreement Tuesday to buy regional bank Golden Pacific Bancorp (GPBI) for $22.3M as part of an effort to obtain a national banking charter.Because Golden Pacific already has a national charter, the deal will allow SoFi to change a pending application for a new charter of its own into an application for a “change of control” on Golden Pacific’s one.

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Chamath Palihapitiya’s Social Capital Hedosophia Holdings Corp. V rallying in premarket