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Social Capital chief Chamath Palihapitiya's blank check company completes Alkali Interactive merger - Silicon Valley Business Journal

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Social Capital chief's blank check company completes health tech merger with Alkali Interactive SPAC merger

The merged companies are expected to begin trading as Alkili Inc. on Monday with the ticker symbol of AKLI.

That post sent the SPAC's stock soaring by more than 60% to all-time highs, peaking at $17.44 at one point. The shares had traded around $10 ever since it raised $220 million in a June 2021 initial public offering. SPACs raise money in IPOs with the hopes of taking a private company public in a reverse merger, like Social Capital Suvretta is doing with Alkili. But their investors have the option of getting a refund before the merger is completed. The average rate of such redemptions this year has been more than 75%.when it merged last month

 

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