The king of SPACs, Chamath Palihapitiya is winding down two SPACs, Social Capital Hedosophia VI (NYSE:IPOF) and Social Capital IV (NYSE:IPOD).
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IPOF has admitted it will not be able to meet the October 14 deadline to complete a combination.
The process of winding down the two vehicles has begun as after looking at over 100 targets the SPACs were not able to find one amid unreasonable valuations and resistance from management teams who did not wish to face the present volatile markets.
In the meantime, Chamath Palihapitiya is focusing on “Investing in big ideas at the early stage” and continues to look for targets for the remaining two vehicles in the Bio 2.0 platform.
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