The merger values SoFi at … A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held company that then becomes publicly traded as a result. The online lending platform agreed to merge with Social Capital Hedosophia Holdings Corp V IPOE.N. Here are the new SPAC mergers that … Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … The company's most recent funding round valued SoFi … Online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. Will Rivian List Amid Soaring Valuations and the Current Euphoria in EV Plays? Reuters reported in December that SoFi had held discussions with SPACs about a merger. Previously, CEO Anthony Noto was a COO at Twitter and a partner at Goldman Sachs. SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. They have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised. Online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a … Article content. He raised $600 million for his first SPAC, Social Capital Hedosophia Holdings, in 2017. Financial services platform SoFi Inc. is planning to come public via a merger with a special-purpose acquisition company, or SPAC. The deal values SoFi at around $8.65 billion and is expected to provide up to $2.4 billion in cash proceeds to San Francisco-based SoFi. The San Francisco-based business reached a valuation of $5.8 billion earlier this year, according to a PitchBook estimate. Rights to redeem shares expire Dec. 17, the SPAC said in a press release. They have emerged as a popular IPO alternative for companies, providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised. Palihapitiya has been one of the most prolific sponsors of SPACs, merging them with a range of companies, from space tourism firm Virgin Galactic Holdings Inc SPCE.N to home-selling platform Opendoor Technologies Inc OPEN.O. The deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. The company has also branched out into stock trading and cash management accounts. By. SoFi to Go Public Through SPAC Merger at $8.6B Valuation - CoinDesk. Financial services provider SoFi has held talks with several special-purpose acquisition companies in a bid to go public, according to Reuters. When a SPAC, a shell company, raises money through an IPO to merge with a private company, the private company becomes publicly traded. After the company is officially public through the new SPAC IPO deal, investors can purchase shares of the stock through their usual platform or brokerage. Here are the top stories you need to know. EXCLUSIVE-SoFi to go public through merger with Palihapitiya-backed SPAC. The company confirmed the rumors, according to TechCrunch. © 2021, Nasdaq, Inc. All Rights Reserved. It was widely reported about a month ago that SoFi was considering a 2021 IPO using a SPAC merger. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. By Joshua Franklin, Anirban Sen and Krystal Hu. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. Yes! @/i, failureMessage: "A valid email address is required", negate: "true"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom5 = document.querySelector('#form1783 #field5');var field5 = new LiveValidation(dom5, {validMessage: "", onlyOnBlur: false, wait: 300});field5.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. The company expects revenue of about $1 billion in 2021. (Reuters) -U.S. online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. Create your Watchlist to save your favorite quotes on Nasdaq.com. SoFi, which was founded in 2011, is well known for providing student loan refinancing. Shares of Social Capital closed up 58% at $19.17 apiece. The SoFi IPO is confirmed in a press release from January 7. Paysafe, the Isle of Man-based multinational payments company, announced in December it was merging with a Bill Foley-backed Spac to list at an impressive $9 billion valuation. Sofi announced to go public via spac rout! SoFi says it will go public via a merger with a SPAC backed by Chamath Palihapitiya at a valuation of $8.65B — - Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya. What Should Investors Know Ahead Of The Potential Lucid Motors SPAC Merger? Rumors of an IPO through a SPAC started about a month ago. Alternative Lending. With that in mind, here is what you need to know about IPOE stock and the SoFi SPAC merger: IPOE stock came public in October 2020, making … Someone who wants to purchase pre-IPO shares of a company can check for filings on platforms like SPAC Research and SPAC Insiders. AST SpaceMobile to Go Public Through SPAC Merger Deal With NPA in 2021, Why Direct Listing Is a Good Alternative for Companies. Joshua Franklin and Anirban Sen and Krystal Hu. The Motley Fool reported that the SPAC raised about $800 million in an IPO in 2020 and had been searching for a company to acquire. I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. The deal has already been unanimously approved by the SPAC's and SoFi's board of directors. Shahien Nasiripour. Native Americans sue Trump administration over Arizona copper project, Emirates president says Boeing 777x entry to service may slip to 2023 'or even longer', BUZZ-U.S. STOCKS ON THE MOVE-Zoom Video Communications, Inari Medical, Lordstown Motors, Rockwell Medical, Emirates boss says Boeing must recognize top-down role in MAX flaws, var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /(^[A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~][A-Z0-9!#$%&'\*\+\-\/=\?\^_`\{\|\}~\.]{0,62}@(([A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])?)(\.[A-Z0-9](?:[A-Z0-9\-]{0,61}[A-Z0-9])? Units of Social Capital Hedosophia Holdings Corp V had jumped as much as 47.9% following the report and were trading up 29.7% at $15.72 before the stock was halted. SoFi to Go Public Through SPAC Merger at $8.6B Valuation Lending fintech Social Finance (SoFi) said Thursday it will go public through a merger with a special purpose acquisition company. node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, Nasdaq Boardvantage Board Portal Software, joshua.franklin.thomsonreuters.com@reuters.net, EXCLUSIVE-Online lender SoFi explores deal to go public -sources, Do Not Sell My Personal Information (CA Residents Only). Half of the amount is from a confirmed private placement, $805 million from the SPAC balance sheet, and additional funding invested in SoFi by T. Rowe Price. Hennessy Capital IV shareholders are set to vote Dec. 21 on the SPAC's proposed business combination with Canoo Holdings, which designs and manufactures electric vehicles. By Oliver Smith on Friday 8 January 2021. Last week saw a flurry of activity in the SPAC world with several deals announced, merger vote dates and a new SPAC ETF. (Reporting by Joshua Franklin in Miami, Anirban Sen in Bangalore and Krystal Hu in New York; Editing by Steve Orlofsky and Matthew Lewis), ((joshua.franklin@thomsonreuters.com; +1 646-223-6356; Reuters Messaging: joshua.franklin.thomsonreuters.com@reuters.net)). )+)$)/i, failureMessage: "A valid email address is required"});field1.add(Validate.Format, {pattern: /\.\.|\. This is Chamath Palihapitiya newest SPAC merger. Social Capital Hedosophia V is one of three so-called special purpose acquisition companies (SPACs) backed by U.S. investor Palihapitiya and London-based Ian Osborne that are currently looking for acquisitions. )+[a-z]{2,63}/i);}, failureMessage: "Value must not contain any URL's"});field5.add(Validate.Presence, {failureMessage:"This field is required"});field5.add(Validate.Length, {tooShortMessage:"Invalid length for field value", tooLongMessage: "Invalid length for field value", minimum: 4, maximum: 4});function handleFormSubmit(ele) { var submitButton = ele.querySelector('input[type=submit]'); var spinner = document.createElement('span'); spinner.setAttribute('class', 'loader'); submitButton.setAttribute('disabled', true); submitButton.style.cursor = 'wait'; submitButton.parentNode.appendChild(spinner); return true; }function resetSubmitButton(e){ var submitButtons = e.target.form.getElementsByClassName('submit-button'); for(var i=0;i
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