Gores Metropoulos II, the second blank check company formed by Dean Metropoulos and The Gores Group, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering.
The Greenwich, CT-based company plans to raise $400 million by offering 40 million units at $10. Each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Gores Metropoulos II will command a market value of $500 million.
The company is led by Chairman Dean Metropoulos, an investing veteran who has served as CEO of family-owned investment firm Metropoulos since 1993. He is joined by CEO and Director Alec Gores, the Founder, Chairman, and CEO of The Gores Group, and CFO Andrew McBride, who has served as Director of Finance and Tax at The Gores Group since 2010.
The group's previous SPAC, Gores Metropoulos, raised $375 million in January of 2019 and recently completed its combination with Luminar Technologies (LAZR; +252% from $10 offer price). Gores Metropoulos II intends to search for a target business in the consumer products and services industry, but may also pursue acquisition opportunities in any business industry or sector, which complements management’s operating experience.
Gores Metropoulos II was founded in 2020 and plans to list on the Nasdaq under the symbol GMIIU. The company filed confidentially on September 9, 2020. Deutsche Bank and Citi are the joint bookrunners on the deal.
