CLOV - IPOF Stock: What to Know About the New Equinox SPAC Merger Rumors
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Was the workout selfie that investor and SPAC sponsor Chamath Palihapitiya tweeted out earlier this year a hint about the next target for one of his blank-check companies? Possibly, after reports that his Social Capital Hedosophia Holdings VI (NYSE:IPOF) is in talks with luxury gym operator Equinox Holdings.
Bloomberg reported that the workout destination has held talks to go public by merging with IPOF. Equinox also operates SoulCycle and Blink Fitness. The transaction could value the combined company at more than $7.5 billion, according to the report.
Sportico reported in late March that SoulCycle and Equinox were in talks to go public through a SPAC. The exercise operator and Peloton Interactive (NASDAQ:PTON) rival was reportedly having meetings with as many as 12 blank-check operators and is considering a listing that would give the company a valuation of $9 billion.
IPOD and IPOF Stock Investors Are Waiting for Targets
IPOF stock and its sibling, Social Capital Hedosophia Holdings IV (NYSE:IPOD), are searching for targets. The share price on both hovers just above $10, as is typically the case with special purpose acquisition companies after their initial public offerings.
Palihapitiya’s Social Capital Hedosophia V (NASDAQ:IPOE) is pursuing a merger with SoFi.
His plan, together with Ian Osborne, the co-founder and CEO of Hedosophia, a London-based venture capital firm, is to create 26 SPACs.
Palihapitiya’s first three SPACs resulted in Virgin Galactic (NYSE:SPCE), Opendoor (NASDAQ:OPEN) and Clover Health (NASDAQ:CLOV). SPCE stock has done well by investors. CLOV stock? Not so well.
IPOF stock reached a high of $17.81 a share in early February before settling into the SPAC wait-and-see range. It is down 2.49% in pre-market trading after closing at $10.43 yesterday.
As for that selfie? See for yourself here, where it’s been dubbed “6 SPAC.”
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News, McKinsey & Co. and McDonald & Company Investments.
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