Reinvent Technology Partners, a blank check company formed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus targeting the tech sector, filed on Monday with the SEC to raise up to $600 million in an initial public offering.
The New York, NY-based company plans to raise $600 million by offering 60 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed price, Reinvent Technology Partners would command a market value of $750 million.
The company is led by Co-Lead Director Reid Hoffman, who is currently a Partner at venture firm Greylock and previously co-founded LinkedIn; Co-Lead Director Mark Pincus, the founder and Chairman of Zynga (Nasdaq: ZNGA); and CEO, CFO, and Director Michael Thompson, who previously co-founded BHR Capital and was Managing Member and Portfolio Manager. Hoffman, Pincus, and Thompson are all co-founding members of Reinvent Capital.
Reinvent Technology Partners was founded in 2020 and plans to list on the NYSE under the symbol RTP.U. Morgan Stanley is the sole bookrunner on the deal.
The article Tech entrepreneurs' SPAC Reinvent Technology Partners files for a $600 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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