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Reid Hoffman and Mark Pincus' third SPAC Reinvent Technology Partners Y prices $850 million IPO

March 16, 2021
RTPYU

Reinvent Technology Partners Y, the third blank check company formed by Reid Hoffman and Mark Pincus targeting the tech sector, raised $850 million by offering 85 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50.

The company was formed by CEO, CFO, and Director Michael Thompson, who previously co-founded BHR Capital and was Managing Member and Portfolio Manager; Director Mark Pincus, the founder and Chairman of Zynga (Nasdaq: ZNGA); and Reid Hoffman, who is currently a Partner at venture firm Greylock and previously co-founded LinkedIn.

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 other SPACs include September 2020 IPO Reinvent Technology Partners (RTP; +9% from $10 offer price), which has a pending merger agreement with electric aircraft developer Joby Aviation, and November 2020 IPO Reinvent Technology Partners Z (RTPZ; +7%), which has a pending merger agreement with home insurance provider Hippo.

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.

Reinvent Technology Partners Y plans to list on the Nasdaq under the symbol RTPYU. Morgan Stanley acted as a lead manager on the deal.