What does it mean for Sofi to go with SPAC?
Curious what happens to people who are there having RSUs and ppl who were looking to join sofi. They announced going with SPAC than ipo.
SoFi nwOY38 Jan 10, 2021
SPAC was to simplify converting some shareholders preferred stock to common stock, which is required for a bank charter. SPAC does dilute existing shareholders, but employees will do very well.
Goldman Sachs Excomm OP Jan 10, 2021
How are ur restricted units valued with this ? Will be it at 8 billion or it will be more based on price of IPOE at the time of deal closure ?
Goldman Sachs Excomm OP Jan 10, 2021
Also will ur stock convert to public ticker 1-1 after merger closure ?
You can follow what happened to Open door after the merger. My understanding is that each of existing rsu units will eventually convert 1-1 when the new stock ticker is listed. That is how Social Capital structured their deal with Ooendoor. Would love to hear from someone at Sofi.
When does the new ticker get announced ? Or that doesn't really matter as spac announced what raised capital is for ?
In a 1-2 months they will call a shareholder meeting to approve the merger. When that approved they list the company with a new ticker in 1-2 working days. Today Clover Health merger is approved and they are listing a new ticker tomorrow.