OPEN - SoFi Is Officially Going Public; Here's Which SPAC Is Making It Happen
Chamath Palihapitiya has orchestrated some pretty impressive deals through special purpose acquisition companies (SPACs) in the past couple of years, including Virgin Galactic Holdings (NYSE: SPCE) and Opendoor Technologies (NASDAQ: OPEN) . And with three pre-deal SPACs still searching for acquisition targets, investors have been anxiously waiting to see what he might take public next.
It appears we have our answer. Palihapitiya's fifth blank-check company, Social Capital Hedosophia Holdings V (NYSE: IPOE) , reportedly plans to take fintech start-up Social Finance (SoFi) public. The SPAC raised about $800 million in an IPO in 2020 and had been looking for an acquisition target ever since.
The deal values SoFi at $8.65 billion, including the money being contributed as part of the SPAC merger.
For further details see:
SoFi Is Officially Going Public; Here's Which SPAC Is Making It Happen