Reinvent Technology Partners Z, the second blank check company formed by Reid Hoffman and Mark Pincus targeting the tech sector, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fifth 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 previous SPAC, Reinvent Technology Partners (RTP.U; +12% from $10 offer price), recently completed a $600 million IPO in September.
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 Z plans to list on the NYSE under the symbol RTPZ.U. Morgan Stanley acted as a lead manager on the deal.
