Palihapitiya to wind down two SPACs as choppy markets drag valuations

The firms went public in October 2020 and raised $460 mn and $1.15 bn, respectively, which they intended to invest in businesses in the technology sector

Photo: Bloomberg

Photo: Bloomberg

Prolific SPAC investor Chamath Palihapitiya is winding down two of his blank-check firms after failing to find suitable merger targets within deadline, as choppy markets dampen investor sentiment for the once high-flying acquisition vehicles.
Social Capital Hedosophia Holdings Corp IV and Social Capital Hedosophia Holdings Corp VI will return the funds raised to shareholders, Palihapitiya said in a blog post on Tuesday. The two shell companies will not be able to close deals by Oct. 14, after which they will shut down, according to regulatory filings. SPACs typically have up to two years from the time they list their shares

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First Published: Sep 20 2022 | 10:16 PM IST

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