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Hoffman and Pincus' SPAC Reinvent Technology Partners X files for a $220 million IPO

May 5, 2021

Reinvent Technology Partners X, a blank check company formed by Reid Hoffman and Mark Pincus targeting the tech sector, filed on Wednesday with the SEC to raise up to $220 million in an initial public offering.

The New York, NY-based company plans to raise $220 million by offering 22 million shares at $10. The company is not offering units with warrants attached. At the proposed deal size, Reinvent Technology Partners X would command a market value of $282 million.

The company was formed by CEO, CFO, and Director Michael Thompson, who previously co-founded BHR Capital and was Managing Member and Portfolio Manager; 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. Pincus and Hoffman will serve as board observers.

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; -1% from $10 offer price), which has a pending merger agreement with electric aircraft developer Joby Aviation; November 2020 IPO Reinvent Technology Partners Z (RTPZ; -1%), which has a pending merger agreement with home insurance provider Hippo; and March 2021 IPO Reinvent Technology Partners Y (RTPYU; +1%).

Reinvent Technology Partners X was founded in 2020 and plans to list on the Nasdaq under the symbol RTPX. Morgan Stanley is the sole bookrunner on the deal.