when is reinvent technology spac going public
Source: istock

When Will the Reinvent Technology SPAC Go Public?

Ambrish Shah - Author

Sep. 2 2020, Updated 12:19 p.m. ET

Over the last month, many companies have gone public through deals with special purpose acquisition companies (SPACs). Reinvent Technology Partners, a new SPAC, filed for a $600 million IPO on Sept. 1. Here's everything we know about the Reinvent Technology Partners IPO so far.

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When is the Reinvent Technology Partners IPO date?

Reinvent Technology Partners plans to raise up to $600 million in an IPO. Reinvent Technology is a blank-check company formed by Zynga founder Mark Pincus, LinkedIn co-founder Reid Hoffman, and hedge fund manager Michael Thompson. The technology pioneers formed a new SPAC with the intention of merging it with a technology company. The startup plans to focus on mobile gaming, consumer internet, or broader technology sectors.

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Reinvent Technology plans to offer 60 million units priced at $10 per unit. Each unit will consist of one share of common stock and a one-fourth redeemable warrant to purchase a share at $11.50. At the proposed price, the startup would command a market capitalization of about $750 million.

reinvent technologies upcoming ipo
Source: istock
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Reinvent Technology’s IPO date hasn't been set. However, the IPO could happen in the coming months. The company revealed enough information for investors to know about its IPO plan. Reinvent Technology plans to trade its stock on the NYSE under the “RTP.U” ticker symbol. Morgan Stanley is the only bookrunner on the deal.

What is a SPAC?

A SPAC is also known as a blank check company. The SPAC, which doesn't have any operations of its own, is created specifically to raise capital through an IPO for the purpose of merging with or acquiring an existing company. The SPAC market has gained popularity with former CEOs and famous investors. So far in 2020, about 50 SPACs have been created in the U.S.

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Who are Mark Pincus and Reid Hoffman?

Mark Pincus is the founder and chairman of Zynga. The company is a provider of social game services. Zynga had about 230 million monthly active users when it went public in 2011. Currently, the company has a market capitalization of $9.6 billion.

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pincus and hoffman reinvent technologies
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Reid Hoffman is a partner at Greylock Partners, which is the oldest venture capital firm. Hoffman co-founded LinkedIn in 2002. Later, LinkedIn was acquired by Microsoft for about $26.2 billion. Hoffman served as a member of the board of directors when PayPal was founded. He was also associated with socialnet.com, which is an online dating platform.

What is Mark Pincus's and Reid Hoffman’s net worth?

Currently, Mark Pincus has a net worth of $1.4 billion, while Reid Hoffman’s net worth is $2.1 billion, according to Forbes.


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