“SPAC King” Chamath Palihapitiya is winding down two blank check firms after a hunt to find targets to take public came up empty, Bloomberg reports.
Social Capital Hedosophia VI, his largest ever SPAC, which raised $1.15 billion, and Social Capital IV, which pulled in $460 million from investors, will be shut down and the cash returned to investors, according to regulatory filings. Last month, the two SPACs filed preliminary proxzies seeking deadline extensions into 2023.
Palihapitiya will keep two biotech-focused SPACs active.
Palihapitiya, who became a serial SPAC mogul during the pandemic, said he considers the blank-check vehicles “just one of many tools” to invest.
To date, Palihapitiya has launched 10 SPACs, including six tech SPACs in partnership with Hedosophia and four biotech SPACs with Suvretta Capital Management.
The tech SPACs have completed four mergers — Virgin Galactic, SoFi, Clover Health and Opendoor.
The biotech SPACs have completed two mergers — ProKidney and Akili Interactive. Read more.
