The company, which was founded in 2004 and employs around 430 people, is receiving a $415 million private investment in public equity (PIPE) led by p rolific SPAC player Chamath Palihapitiya … Chamath Palihapitiya has been one of the most well-known names in the SPAC market in 2020. As of 12:30 p.m. EST, the SPAC led by notable venture capital investor Chamath Palihapitiya had risen by more than 9% after soaring by over 10% earlier in the day. Shares of Social Capital Hedosophia Holdings III (NYSE:IPOC) were rising on Thursday. Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. Shares of Chamath Palihapitiya-backed Desktop Metal slipped as much as 14% on Thursday after the 3D printing company went public via SPAC. Data is a real-time snapshot *Data is delayed at least 15 minutes. Social Capital CEO Chamath Palihapitiya called Galileo the “AWS of fintech.” The deal values the company at an equity value of $8.65 billion. The deal values Opendoor at $4.8 billion. One example of this speculation is TPG Pace Beneficial Finance SPAC (Ticker: TPGY), which, after announcing its acquisition of EVBox, opened up 245% the next trading day. Get this delivered to your inbox, and more info about our products and services. The move came just three weeks after Palihapitiya unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. On Thursday, both companies announced that their business combination had been approved by shareholders of the so-called "blank check" company, and the deal had been closed. Cumulative Growth of a $10,000 Investment in Stock Advisor, Here's Why Clover Health's SPAC Acquirer Is Soaring on Thursday @themotleyfool #stocks $IPOC $IPOD $IPOE $IPOF, Why Clover Health's Shares Popped 61.4% in December, Why Social Capital Hedosophia Holdings III Tanked on Tuesday, Copyright, Trademark and Patent Information. It's "a market that I think is huge and growing quickly" and a business "that is consistently taking share year over year over year.". In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. The financing deal is expected to be completed in the fourth quarter of 2020. Opendoor stock is coming via SPAC IPO. Returns as of 01/21/2021. Virgin Galactic, in April, raised $720 million through a SPAC listing with Chamath Palihapitiya’s Social Capital Hedosophia Holdings. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. In fact, three of his blank-check companies … The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds$400 million of which will be provided through a Palihapitiya-led private investment in the public entity. The deal values Clover at $3.7 billion and includes up to $1.2 billion in cash proceeds, $400 million of which will be provided through a Palihapitiya-led private investment in the public entity. Opendoor stock is coming via SPAC IPO. Companies can also skip the roadshow process and avoid some of the scrutiny that goes with a traditional IPO. Article continues below advertisement As of Jan. 13, ArcLight's market capitalization is at $874.12 million. He has six Social Capital Hedosophia SPACs to date with his newest having a value of $1 billion. On September 15, 2020, Opendoor announced it was going public through a business combination agreement. Opendoor Announces SPAC IPO. What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … © 2021 CNBC LLC. Social Capital Hedosophia Holdings V (NYSE:IPOE) raised $700 million and recently announced an agreement to take fintech lender SoFi public. The second SPAC from Joanna Coles and Jonathan Ledecky has no announced ticker symbol yet. Palihapitiya tweeted that Desktop Metal is … SoFi is going public via a SPAC backed by billionaire investor Chamath Palihapitiya, according to an announcement made on CNBC on Thursday. Now that this business combination has been finalized, there are only three more of Palihapitiya's SPACs left. We want to hear from you. DiamondPeak is changing its name to Lordstown Motors and changing its ticker to RIDE. Chamath Palihapitiya’s Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal. The move came just three weeks after Palihapitiya unveiled his $4.8 billion SPAC deal with real estate start-up Opendoor. Chamath Palihapitiya's IPOD, IPOE, IPOF SPACs: What Investors Should Know Chamath Palihapitiya has been one of the most well-known names in the SPAC market in 2020. Clover Health (ticker: CLOV) began trading on Jan. 8. The major reason to merge with this particular SPAC was Palihapitiya, a former Facebook (FB) executive. In April, Palihapitiya IPOed two SPACs, Social Capital Hedosophia Holdings II and Social Capital Hedosophia Holdings III . Chamath Palihapitiya to take Clover Health public in another SPAC deal worth $3.7 billion Published Tue, Oct 6 2020 7:46 AM EDT Updated Tue, Oct 6 2020 11:32 AM EDT Yun Li @YunLi626 The SPAC, Trine Acquisition Corp, combined with Desktop Metal and began trading on … What Happened: On Monday, the Ark Next Generation Internet ETF (NYSE: ARKW) took a small stake in Social Capital Hedosophia II (NYSE: IPOB), a SPAC led by Chamath Palihapitiya. "This is one of the most straightforward investments I've ever made," Palihapitiya said. He sees SPAC IPOs as a way to get startups the funding they need to compete with giants such as Google, Amazon and Apple. What happenedSocial Capital Hedosophia Holdings VI (NYSE: IPOF), a special purpose acquisition company (SPAC) headed by Chamath Palihapitiya that raised $1 billion in … Opendoor Announces SPAC IPO. "What we have is a business that's actually delivering the promise of technology-improving, better outcomes and lower cost health care," Palihapitiya said on CNBC's "Squawk Box" on Tuesday. Social Capital Hedosophia Holdings Corp VI (ticker: IPOF) Stock | 6th Chamath Palihapitiya SPAC. Total proceeds from SPACs have exceeded $40 billion this year, nearly tripling the levels from a year ago and on track for a record year, according to Refinitiv. Article continues below advertisement As of Jan. 13, ArcLight's market capitalization is at $874.12 million. As an alternative to traditional IPOs, SPACs have experienced explosive growth this year amid unprecedented volatility brought on by the coronavirus pandemic. Chamath Palihapitiya's Social Capital SPAC Soars 48% On News Of $6BN SoFi Deal In the span of a year, Chamath Palihapitiya has engineered a series of successful deals involving SPACs – essentially blank-check companies that are taken public, before engineering a “reverse IPO” with a private (or sometimes, another public) target. On September 15, 2020, Opendoor announced it was going public through a business combination agreement. Palihapitiya previously revealed he has reserved tickers from "IPOA" through "IPOZ" on the New York Stock Exchange. Follow him on Twitter to keep up with his latest work! Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. • SoFi will be valued at nearly $9 billion and the personal finance company is expected to receive up to $2.4 billion in proceeds from the deal. 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