At this point, there are plenty of investment opportunities in the stock market and it is a matter of looking in the right places. One of the stocks to have made eye-catching gains during the premarket session on Thursday was that of the blank cheque company Reinvent Technology Partners (NYSE: RTP).
The Reinvent stock rallied by as high as 19% in premarket trading after reports emerged about its discussions with regards to a merger with Hippo, a fintech company involved in the insurance sector. Reinvent is backed by Reid Hoffman, the celebrated founder of LinkedIn, and is classified as a SPAC (special purpose acquisition company).
n recent times, SPACs have been in sharp focus among investors and many such companies have recorded considerable gains. Reinvent was valued at $600 million following its IPO back in September last year. On the other hand, Hippo is valued at $3 billion. It is believed that the merged entity is going to be worth as much as $5 billion.