Gores Holdings XI, a blank check company formed by The Gores Group, raised $312 million by offering 31.2 million units at $10. Each unit consists of one share of common stock, and one-fourth of one warrant to purchase a share, exercisable at $11.50.
The company is led by Chairman Alec Gores, the founder and CEO of The Gores Group, and CEO Mark Stone, a Senior Managing Director of The Gores Group. The SPAC plans to target a wide array of industries, including industrials, technology, telecom, media and entertainment, business services, healthcare, and consumer products.
The Gores Group has been behind multiple previous SPACs, as sole or joint sponsor. Some of the most recent de-SPACs include Polestar (Nasdaq: PSNY; -93% from $10 offer price) and Sonder (delisted) in 2022. The Gores Group has one other SPAC currently looking for a target (GTENU), though several of its SPACs have liquidated.
The Boulder, CO-based company will trade on the Nasdaq under the symbol GHXIU. Santander acted as sole bookrunner on the deal.
