Summary List Placement

You can add another company to the growing SPAC frenzy.

News broke January 7 that personal-finance startup SoFi, last valued at $4.3 billion, is preparing to go public via special purpose acquisition company Social Capital Hedosophia Holdings Corp V (SCH).

The SPAC, raised by billionaire tech investor Chamath Palihapitiya, founder and CEO of venture firm Social Capital, raised capital in July of 2019 and is the product of a partnership between Social Capital and Hedosophia, a venture firm led by Ian Osborne. In October, SCH hit the public markets.  

See more: SoFi to go public via SPAC backed by billionaire investor Chamath Palihapitiya

Palihapitiya, meanwhile, is no stranger to the SPAC world. In 2020, SPACs backed by Palihapitiya initiated mergers that took the likes of Clover Health and Opendoor public (and in 2019, Virgin Galactic). 

The deal will nearly double SoFi’s valuation to $8.7 billion, and the company is expected to see more than $2.4 billion in proceeds. 

One Monday, SoFi filed its S-4 paperwork, which outlines its plans to go public. Here are five items that stood out in the soon-to-be-public company’s filing.

SCH spoke to more than 33 companies (and evaluated more than 100) before picking SoFi

One of …read more

Source:: Businessinsider – Finance