SoFi going public at $8.65B valuation via merger with Chamath's Social Capital

Jan. 07, 2021 10:59 AM ETSoFi Technologies, Inc. (SOFI)By: Liz Kiesche, SA News Editor60 Comments
  • Social Capital Hedosophia Holdings Corp. V (IPOE) soars 30% after Sofi Finance (NASDAQ:SOFI) confirmed a Reuters report that online lending startup is nearing a deal to go public by merging with the blank check company lead by VC investor Chamath Palihapitiya.
  • Update 12pm: Palihapitiya confirmed the news in interview on CNBC and a press release was issued
  • Transaction values SoFi at an equity value of $8.65B post-money and is expected to provide up to $2.4B in cash proceeds, including a fully committed PIPE of $1.2B, and up to $80M of cash held in the trust account of Social Capital Hedosophia
  • Palihapitiya-sponsored special purpose acquisition companies have already signed deals to take Opendoor and Clover Health public via mergers.

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