SoFi will go public through a so-called reverse merger with a blank-check company that is already public. This is Chamath Palihapitiya newest SPAC merger. Social Capital Hedosophia V raised around $800 million in an IPO on the New York Stock Exchange in October. The Motley Fool stated that SoFi is valued at $8.65 billion in the acquisition deal, which includes funds being contributed as part of the SPAC merger. 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. SoFi to go public at $8.65bn valuation through SPAC merger. The pending merger … By Oliver Smith on Friday 8 January 2021. By Joshua Franklin, Anirban Sen and Krystal Hu. 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. 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. EXCLUSIVE-SoFi to go public through merger with Palihapitiya-backed SPAC. SoFi, the operator of one of the most popular consuming banking apps, today announced plans to hit the stock market via a SPAC merger at an $8.65 billion valuation.A SPAC merger is a … What Should Investors Know Ahead Of The Potential Lucid Motors SPAC Merger? 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,, EXCLUSIVE-Online lender SoFi explores deal to go public -sources, Do Not Sell My Personal Information (CA Residents Only). The San Francisco-based business reached a valuation of $5.8 billion earlier this year, according to a PitchBook estimate. Last week saw a flurry of activity in the SPAC world with several deals announced, merger vote dates and a new SPAC ETF. Author of the article: Reuters. Later that month, it emerged that SoftBank plans to raise up to $525 million with the IPO of its own Spac, according to a regulatory filing. Social Capital Hedosophia Holdings is Chamath Palihapitiya's blank-check company. SoFi Agrees to Go Public Via SPAC With Valuation of $8.7 Billion. 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. Social Capital Hedosophia Holdings Corp V is his third SPAC. As one of the top players in the finance industry, investors are eager for SoFi stock to hit the market. The company said in October it had received preliminary, conditional approval from the U.S. Office of the Comptroller of the Currency in its application for a national bank charter. 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. "We look forward to partnering with Anthony and his team as they help even more members to achieve financial independence," Palihapitiya said. Sofi announced to go public via spac rout! (Reporting by Joshua Franklin in Miami, Anirban Sen in Bangalore and Krystal Hu in New York; Editing by Steve Orlofsky and Matthew Lewis), ((; +1 646-223-6356; Reuters Messaging: He took Virgin Galactic public this way in 2019 as well as Opendoor and Clover Health in 2020. The company has also branched out into stock trading and cash management accounts. Alternative Lending. 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 … @/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]\. (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. His second merged with Opendoor in 2020. Social Capital Hedosophia Holdings Corp V is Palihapitiya’s third SPAC. SoFi to go public through SPAC merger at $8.6B valuation. The company confirmed the rumors, according to TechCrunch. January 7, 2021, 10:13 AM PST. ­­Why SoFi? "The new investments and our partnership with Social Capital Hedosophia signify the confidence in our strategy, the momentum in our business, as well as the significant growth opportunity ahead of us," SoFi Chief Executive Anthony Noto said in a statement. SoFi is expected to go public through the SPAC route in the first quarter of 2021, according to a press release from SoFi. 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. Previously, CEO Anthony Noto was a COO at Twitter and a partner at Goldman Sachs. 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. 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 deal, confirmed by SoFi, would value the fintech at $8.65 billion according to the company's statement. Does It Pay to Buy IPO Stock on the First Trading Day? 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. Founded in 2011, SoFi capitalized on the retrenchment of banks from large swaths of consumer lending in the aftermath of the 2008 financial crisis. Read more. Exclusive: SoFi nears deal to go public with SPAC backed by venture investor Palihapitiya … 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. When a SPAC, a shell company, raises money through an IPO to merge with a private company, the private company becomes publicly traded. 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