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Tech entrepreneurs' SPAC Reinvent Technology Partners prices $600 million IPO at $10

September 16, 2020

Reinvent Technology Partners, a blank check company formed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus targeting the tech sector, raised $600 million by offering 60 million units at $10. Each unit consists of one share of common stock and one-quarter 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.

The company 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.

Reinvent Technology Partners plans to list on the NYSE under the symbol RTP.U. Morgan Stanley acted as a lead manager on the deal.