Social Capital Hedosophia, which was anticipated to price SPACs II & III on Monday night, but delayed due to market conditions, re-filed new prospectuses this morning with a notable change to both – their warrants included in their units, which were originally 1/4 warrants, are now 1/3 warrants.
Both Social Capital Hedosophia II (IPOB.U) and Social Capital Hedosophia III (IPOC.U), are big, brand-name SPACs, being led by Chamath Palihapitiya. So going from a 1/4 warrant to a 1/3 warrant is indicative of the larger, current market environment. If any of the current deals getting ready to IPO should be able to command a 1/4 warrant, it should be the Social Capital teams. But these are not normal times and the Coronavirus has had such a profound impact on the capital markets that changes were inevitable.
It’s been a real race to get the current crop of IPOs out the door before deal terms needed to be adjusted. However, it looks like the larger market environment has finally caught up to SPACs. Whether Social Capital’s warrant changes are meaningful enough to sell $900 million worth of SPACs remains to be seen, but terms will continue to tighten across the entire spectrum of SPAC sizes and levels.
No other significant changes were found in the prospectus of either IPOB.U and IPOC.U, and you can find the S-1 filings for SCH2 HERE and SCH3 HERE.


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