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‘SPAC King’ Palihapitiya to Seek Extension for Pair of Blank-Check Deals as Sector Reels

  • Warrants tied to the SPACs pop in after-hours trading
  • The SPACs plan to push deadlines to 2023 from October
Chamath Palihapitiya

Chamath Palihapitiya

Photographer: Mark Kauzlarich/Bloomberg
Updated on

The “SPAC King” Chamath Palihapitiya is asking investors for more time to complete a pair of blank-check deals as the industry is plagued by a regulatory crackdown and broader malaise.

Social Capital Hedosophia Holdings Corp. VI, his largest special-purpose acquisition company ever, and Social Capital Hedosophia Holdings Corp IV are looking to extend deadlines from October to 2023 to complete deals, according to preliminary proxy statements filed on Aug. 11. Social Capital Hedosophia VI, which raised $1.15 billion in October 2020 and Social Capital IV, which has $460 million in proceeds, will continue to look for target companies.