Chamath Palihapitiya, backer of the Social Capital Hedosophia Holdings Corp. special-purpose acquisition corporations, or SPACs, said Tuesday he is winding down the two vehicles numbered IV IPOD, +0.20% and VI IPOF, +0.10% after failing to find a target company to acquire within the given time frame.
" These included valuation and volatility, when they met with resistance from management teams who didn't want to face public markets in a period of high volatility. After failing to find a target before an October 14 deadline, the blank-check companies will be wound down and the funds will be returned to their shareholders. Palihapitiya said he was proud of the companies he did bring to public markets, including Virgin Galactic SPCE, -0.38%, Opendoor OPEN, -4.