SoFi To Become Publicly Traded Via SPAC

Social Finance, Inc. Silicon Valley-based financial platform with Social Capital Hedosophia Holdings Corp. VI (“SCH”), a publicly traded acquisition company for special purposes.

The deal will create SoFi Technologies, Inc., which is a financial technology platform for consumers. The new company will be listed on the Nasdaq Global Select Market no later than June 1, 2021. It will trade under new symbols “SOFI” (for SoFi common stock) and “SOFIWā€¯ for SoFi warrants.

Anthony Noto is the CEO. SoFi raised $2.4 billion to accelerate market expansion, create new offerings, expand plans to international expansion, and establish an online platform that allows members save, borrow, and invest their money. At SCH’s general assembly, the deal was approved on May 27, 2021. Noto and SoFi will continue to manage the newly formed company.

As part of the merger, Harvey Schwartz (ex Chief Operating Officer and President of Goldman Sachs), and Dick Costolo (“chief operating officer of Twitter”) will be joining the Board of Directors.

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