(Bloomberg) Talk about nosedives.
Hopes for the flying car soared in January, when one manufacturer, Woburn, Massachusetts-based Terrafugia, attained a long-awaited industry first: a Federal Aviation Authority airworthiness certificate for its Transition, a “roadable aircraft” a winged, gas-powered, wheeled vehicle that can be both driven and flown. Suddenly the aerial sedan, first popularized in the 1960s cartoon The Jetsons, needed only U.S. Department of Transportation approval before it could be let loose on America’s highways and flyways. Terrafugia hailed a “major accomplishment.” Champagne corks flew.
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Hippo This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
Hippo is going public through a merger with Reinvent Technology, a SPAC led by Reid Hoffman.
The deal values the home insurance startup at $5 billion and will unlock $1.2 billion in capital.
Hippo s announcement comes on the heels of a string of public market debuts for insurtechs.
When Hippo cofounder and CEO Assaf Wand considered taking his insurtech public, he didn t know whether to pursue a traditional IPO or explore a merger with a special purpose acquisition company, or SPAC .
But the choice quickly became clear when two of the biggest names in tech, LinkedIn cofounder Reid Hoffman and Zynga founder Mark Pincus, entered the picture with their SPAC.
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SHAREHOLDER ALERT: Rigrodsky Law, P.A. Announces Investigation of Reinvent Technology Partners Merger
March 01, 2021 14:00 ET | Source: Rigrodsky Law, P.A Rigrodsky Law, P.A Wilmington, Delaware, UNITED STATES
WILMINGTON, Del., March 01, 2021 (GLOBE NEWSWIRE) Rigrodsky Law, P.A. announces that it is investigating Reinvent Technology Partners (“Reinvent Technology”) (NYSE: RTP) regarding possible breaches of fiduciary duties and other violations of law related to Reinvent Technology’s agreement to merge with Joby Aero, Inc.
To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-reinvent-technology-partners.
You may also contact Seth D. Rigrodsky or Gina M. Serra cost and obligation free at (888) 969-4242 or info@rl-legal.com.
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