SoFi Technologies notifies warrant holders of $22.38 redemption fair market value

Related to its previously announced redemption of outstanding warrants, SoFi Technologies reports the redemption fair market value of $22.38.

That value is used to determine the number of shares of common stock that will be issued on a "cashless" exercise of a warrant.

As a result, holders who exercise their warrants on a "cashless basis" will be entitled to receive 0.361 share of SoFi (SOFI) common stock per warrant.

Any warrants that remain unexercised after 5:00 PM New York City time on Dec. 6, 2021 will be void and no longer exercisable, and the holder of those warrants will be entitled to receive only the redemption price of $0.10 per warrant.

The warrants were issued as part of units sold in the company's initial public offering. SoFi (SOFI) became a publicly traded company when it combined with Chamath Palihapitiya's Social Capital Hedosophia Holdings V SPAC on June 1.