Reinvent Technology Partners Z (RTPZ) Shareholders Approve Hippo Deal
by Marlena Haddad on 2021-07-30 at 5:50pm

Reinvent Technology Partners Z  (NYSE:RTPZ) shareholders have approved its combination with home insurer Hippo Enterprises at a special meeting held yesterday.

Reinvent, which raised $230 million at IPO, saw a heavy amount of redemptions as 19,261,380 shares were redeemed in connection with the vote. Approximately, 83.7% or shareholder redeemed.

At the meeting, holders of 22,212,619 of Reinvent’s shares, which represented 76.90% of the shares outstanding, were present and 1,888,454 holders of its warrants, or 41.05% of warrants outstanding, were represented at the warrant meeting.  The deal was approved with 21,118,729 votes in favor of the business combination.

However, the warrant proposal to amend the exercise period for the warrants to commence 30 days after the first date on which RTPZ completes the Business Combination, did not have enough warrant holders present to obtain a quorum. Only 41.05% of the public warrants outstanding were represented and as such, the “no” votes were submitted.

The transaction is expected to close on August 2, and the combined entity’s stock and warrants are expected to begin trading on The New York Stock Exchange under the new symbols “HIPO” and “HIPO.WS”, respectively, on August 3.

The parties initially announced the $5 billion deal on March 4. Hippo provides home insurance and smart home devices to customers in 32 states, and is available in markets representing 70% of the US homeowning population.

Hippo launched a new product yesterday, dubbed the Inspection Protection, which provides coverage for repairs to qualifying structural systems for issues missed by an inspector.

For a full list of proposals, and vote tallies, click HERE.


ADVISORS

  • Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as co-financial advisors to Hippo
  • latham & Watkins LLP is acting as legal counsel to Hippo
  • Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC also acted as joint placement agents on the PIPE transaction.
  • Barclays is acting as financial advisor to Reinvent
  • Sullivan & Cromwell LLP is serving as legal counsel to Reinvent
Reinvent Technology Partners Z (RTPZ) Shareholders Approve Hippo Deal
Recent Posts
by Kristi Marvin on 2025-07-10 at 8:31am

A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...

by Nicholas Alan Clayton on 2025-07-10 at 8:27am

At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...

by Nicholas Alan Clayton on 2025-07-09 at 12:57pm

Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....

by Nicholas Alan Clayton on 2025-07-09 at 8:22am

At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...

by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved