Reinvent Technology Partners Z (NYSE:RTPZ) shareholders have approved its combination with home insurer Hippo Enterprises at a special meeting held yesterday.
Reinvent, which raised $230 million at IPO, saw a heavy amount of redemptions as 19,261,380 shares were redeemed in connection with the vote. Approximately, 83.7% or shareholder redeemed.
At the meeting, holders of 22,212,619 of Reinvent’s shares, which represented 76.90% of the shares outstanding, were present and 1,888,454 holders of its warrants, or 41.05% of warrants outstanding, were represented at the warrant meeting. The deal was approved with 21,118,729 votes in favor of the business combination.
However, the warrant proposal to amend the exercise period for the warrants to commence 30 days after the first date on which RTPZ completes the Business Combination, did not have enough warrant holders present to obtain a quorum. Only 41.05% of the public warrants outstanding were represented and as such, the “no” votes were submitted.
The transaction is expected to close on August 2, and the combined entity’s stock and warrants are expected to begin trading on The New York Stock Exchange under the new symbols “HIPO” and “HIPO.WS”, respectively, on August 3.
The parties initially announced the $5 billion deal on March 4. Hippo provides home insurance and smart home devices to customers in 32 states, and is available in markets representing 70% of the US homeowning population.
Hippo launched a new product yesterday, dubbed the Inspection Protection, which provides coverage for repairs to qualifying structural systems for issues missed by an inspector.
For a full list of proposals, and vote tallies, click HERE.
- Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as co-financial advisors to Hippo
- latham & Watkins LLP is acting as legal counsel to Hippo
- Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC also acted as joint placement agents on the PIPE transaction.
- Barclays is acting as financial advisor to Reinvent
- Sullivan & Cromwell LLP is serving as legal counsel to Reinvent
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