Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE) urges shareholders to vote in favor of its merger with Social Finance, Inc. (SoFi). The extraordinary general meeting is scheduled for May 27, 2021, at 12 p.m. ET, both in-person and via live webcast. Voting options include online, telephone, and mail, with detailed instructions provided. All shareholders as of the record date, April 29, 2021, are encouraged to participate, highlighting the importance of every vote in this significant business combination.
Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE) will transfer its Class A ordinary shares and redeemable warrants from NYSE to Nasdaq as it nears a business combination with SoFi Technologies. The company will domesticate as a Delaware corporation and change its name to SoFi Technologies, Inc. The conversion process will see existing shares and warrants automatically switch to the new SoFi securities. Trading on Nasdaq is expected to commence on June 1, 2021. The final trading day on NYSE is projected for May 28, 2021, subject to shareholder approval on May 27, 2021.
SoFi plans to go public through a merger with Social Capital Hedosophia Holdings Corp. V (NYSE: IPOE), valuing the company at an equity value of $8.65 billion post-money. The merger is supported by a PIPE led by Chamath Palihapitiya, contributing $275 million, with additional institutional investments totaling $950 million. This transaction aims to expand SoFi's footprint in consumer-focused financial technology, potentially enhancing its growth and market share in a competitive landscape.
SoFi has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V (IPOE) to go public, valuing the company at $8.65 billion post-money. The transaction aims to raise up to $2.4 billion in gross proceeds, supported by a $1.2 billion PIPE investment at $10 per share. SoFi is a leading financial services platform with over 1.8 million members, providing a range of products from loans to investing. The deal is expected to close in Q1 2021, pending shareholder approval.