IPOF was the ticker symbol for Social Capital Hedosophia Holdings Corp. VI, which was a blank cheque company with the goal of merging or combining with other businesses, notably in the tech industry. The SPAC stock traded on the NYSE and is defunct as of September, 2022. IPOF had its initial public offering of 100 million units at $10 per unit in October 2020, with each unit composed of one share and one-fourth of a warrant. Credit Suisse acted as sole book-running manager. Social Capital decided to shut down IPOF apparently after evaluating over 100 offers. Social Capital founder Chamath Palihapitiya said it was difficult to find a company with a reasonable valuation and a margin of safety. “Ultimately, to get a deal done would have required us stretching on price or buying an inferior asset – neither were things we felt comfortable doing,” Palihapitiya said in a September 20, 2022, statement. “We saw resistance from management teams who either weren’t prepared for or didn’t want to face the public markets in the face of current volatility,” he said. A former Facebook executive, Palihapitiya created Social Capital in 2011 was a VC platform with investments in tech companies like Slack, Box and Relativity Space. “As an organization, we have tried to be flexible in how we allocate and deploy capital, whether it’s investing across stages from seed to growth, funding strategic acquisitions and seeking M&A opportunities for our portfolio, anchoring IPOs and making public market investments, or enabling access to the public markets via SPACs,” said Palihapitiya in Social Capital’s 2022 Annual Letter.