Reinvent Technology Partners Y, the third blank check company formed by Reid Hoffman and Mark Pincus targeting the tech sector, filed on Friday with the SEC to raise up to $850 million in an initial public offering.
The New York, NY-based company plans to raise $850 million by offering 85 million units at a price of $10, where it would command a market value of $1.1 billion. Units consist of one share of common stock and one-eighth of a warrant, exercisable at $11.50.
The company is led by Co-Lead Director Reid Hoffman, who is currently a Partner at venture firm Greylock and previously co-founded LinkedIn; Co-Lead Director Mark Pincus, the founder and Chairman of Zynga (Nasdaq: ZNGA); and CEO, CFO, and Director Michael Thompson, who previously co-founded BHR Capital and was Managing Member and Portfolio Manager.
Hoffman, Pincus, and Thompson are all co-founding members of Reinvent Capital, a management firm that focuses on partnering with companies to pursue entrepreneurship at scale. Their first SPAC, Reinvent Technology Partners (RTP), completed a $600 million IPO in September; their second SPAC Reinvent Technology Partners Z (RTPZ.U) then raised $200 million in November. News broke this past week that the SPACs may be exploring acquisitions of insurance unicorn Hippo Enterprises and flying taxi startup Joby Aviation.
The SPAC plans to target a business in a tech sector or subsector, including consumer internet, online marketplaces, ecommerce, payments, gaming, artificial intelligence, SaaS, digital healthcare, autonomous vehicles, and transportation, among others.
The New York, NY-based company was founded in 2020 and plans to list on the Nasdaq under the symbol RTPYU. Morgan Stanley is the sole bookrunner on the deal.
