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The Gores Group's seventh SPAC Gores Holdings VII files for a $400 million IPO

January 20, 2021

Gores Holdings VII, the seventh blank check company formed by The Gores Group, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering.

The Boulder, CO-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50. At the proposed deal size, Gores Holdings VII would command a market value of $500 million.

The company is led by Chairman Alec Gores, founder and CEO of The Gores Group in 1987, and CEO Mark Stone, who currently serves as a Senior Managing Director of The Gores Group. The SPAC plans to leverage its management's experience to target a wide array of industries including industrials, technology, telecom, media and entertainment, business services, healthcare, and consumer products.

The Gores Group's previous SPACs include Gores Holdings VI (GHVIU; +9% from $10 offer price), which went public in December 2020; Gores Holdings V (GRSVU; +13%), which went public in August 2020; Gores Holdings IV (GHIV; +17%), which went public in January 2020 and is pending a combination with UWM Corp; Gores Holdings III, which acquired government contractor PAE (PAE; -7%) in February 2020; Gores Holdings II, which acquired Verra Mobility (Nasdaq: VRRM; +36%) in October 2018; and Gores Holdings, which acquired Hostess Brands (Nasdaq: TWNK; +32%) in November 2016. While Gores Holdings VII is the seventh SPAC formed by The Gores Group alone, the group has also co-sponsored two SPACs with dealmaker Dean Metropoulos: Gores Metropoulos II (GMIIU; +12%), which went public earlier this month, and Gores Metropoulos, which went public in January 2019 and completed its combination with driverless car startup Luminar Technologies (LAZR; +224%) this past December.

Gores Holdings VII was founded in 2020 and plans to list on the Nasdaq under the symbol GSEVU. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal.