Reinvent Technology Partners Z (in an 8-K filing said its shareholders voted in favor of the merger with home insurance company Hippo. The combined company has an enterprise value of $5 billion.
The SPAC said 19,261,380 shares were redeemed ahead of the vote. Reinvent raised $230 million in a November IPO. The SPAC’s shares had not traded above $10 since April 21.
While the SPAC said in the July 30 filing that the closing was not guaranteed, presumably due to the heavy redemptions, the companies in a joint press release today said the transaction was completed.
Hippo expects to receive more than $550 million in cash proceeds, net of fees and expenses funded in conjunction with the closing of the business combination, which includes the proceeds from a previously announced $550 million PIPE.
Hippo’s common stock and warrants begin trading today on the NYSE under HIPO and HIPO.WS. Read more.
