Social Capital Hedosophia Holdings V said in an 8-K filing that shareholders voted in favor of the merger with Social Finance Technologies. The deal is expected to close today with shares beginning trading June 1 on the Nasdaq.
The SPAC said 55,810,395 votes were cast in support of the merger, representing 55.65 percent of the shares eligible to vote. There were 79,584 votes against the deal and 108,104 abstentions. The SPAC did not release figures on redemptions, if any.
The deal is expected to deliver up to $2.4 billion of gross proceeds to the fintech platform, including up to $805 million of cash held in the SPAC’s trust from its IPO in October. The combination is further supported by a $1.2 billion PIPE at $10 per share. Read more.
