PTSH - SPACs like Social Capital Hedosophia Holdings Corp. V fall on news SEC is probing sector

Reports of a U.S. Securities and Exchange Commission probe into the red-hot SPAC market sent key special purpose acquisition companies’ shares lower Thursday.Reuters cited four unnamed sources Thursday as saying that the SEC had sent letters to financial firms seeking information about SPACs and what the underwriters are doing to manage risk.The news sent some hot SPACs lower during the session.For instance, financier Chamath Palihapitiya’s Social Capital Hedosophia Holdings Corp. V (IPOE) fell as much as 8.3% during Thursday’s session, although it was trading at $6.30 shortly before 3:45 p.m., down 1% on the day.Its sister SPACs Social Capital Hedosophia Holdings Corp. IV (IPOD) and Social Capital Hedosophia Holdings Corp. VI (IPOF) also fell. IPOF lost as much as 5.1% during the session, while IPOD shed as much as 4.4% intraday, although both later partly recovered.Similarly, hedge-fund manager Bill Ackman’s Pershing Square Tontine Holdings (PTSH) dropped as much as 6%

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SPACs like Social Capital Hedosophia Holdings Corp. V fall on news SEC is probing sector