Social Capital Hedosophia Holdings Corp. V (NYSE:IPOE) announced in an 8-K filing that its shareholders have approved its combination with fintech platform SoFi.
The parties expect to close the transaction later today with the combined entity set to begin trading after the long weekend on June 1. SoFi’s shares and warrants are expected to trade under the symbols “SOFT” and “SOFTW” respectively.
A total of 55,998,083 holders of SCH’s ordinary shares, which represented 55.65% of the ordinary shares were represented in person or by proxy at the general meeting. The proposal saw 55,810,395 votes in favor of the merger with 79,584 votes against it and 108,194 abstentions.
Social Capital V did not release redemption figures in its 8-K, but it is unlikely to have seen any more than a negligible amount. The SPAC has never traded below $14 since the announcement of the deal despite a general slump across the SPAC space.
Social Capital Hedosophia originally announced it had entered into a definitive agreement with SoFi back in January in a deal valued at $6.6 billion. SoFi provides digital banking, investment and payments tools online and via an app with a focus on home and personal loans as well as student loan refinancing.
For a full list of measures on the ballot and vote tallies, click HERE.
ADVISORS
- Connaught acted as financial advisor, Credit Suisse acted as financial advisor, capital markets advisor and placement agent to SCH.
- Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to SCH.
- Citi and Goldman Sachs & Co. acted as financial advisor and placement agent to SoFi.
- Wachtell, Lipton, Rosen & Katz and Goodwin Procter LLP acted as legal advisors to SoFi.
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