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The Gores Group's tech SPAC Gores Technology Partners files for a $240 million IPO

February 2, 2021

Gores Technology Partners, the ninth blank check company formed by The Gores Group targeting a tech business, filed on Tuesday with the SEC to raise up to $240 million in an initial public offering.

The Boulder, CO-based company plans to raise $240 million by offering 24 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Gores Technology Partners would command a market value of $300 million.

The company is led by Chairman Alec Gores, the founder and CEO of The Gores Group, and Co-CEOs Ted Fike and Justin Wilson, who are currently Senior Managing Directors at The Gores Group and previously were Partners at SoftBank Investment Advisers. The company plans to target technology businesses in the consumer internet, enterprise software, fintech, digital health, proptech, gaming, agtech, and logistics industries.

The Gores Group's other SPACs include Gores Technology Partners II (GTPBU), which filed concurrently with Gores Technology Partners; Gores Holdings VIII (GIIXU) and Gores Holdings VII (GSEVU), both of which submitted initial filings last month; Gores Holdings VI (GHVIU; +8% from $10 offer price), which went public in December 2020; Gores Holdings V (GRSVU; +11%), which went public in August 2020; Gores Holdings IV, which went public in January 2020 and completed its combination with UWM Holdings Corporation (UWMC; +1%) earlier this month; Gores Holdings III, which acquired government contractor PAE (Nasdaq: PAE; -15%) in February 2020; Gores Holdings II, which acquired Verra Mobility (Nasdaq: VRRM; +31%) in October 2018; and Gores Holdings, which acquired Hostess Brands (Nasdaq: TWNK; +32%) in November 2016. 

While Gores Technology Partners is the ninth SPAC formed by The Gores Group alone, the group has also co-sponsored two SPACs with dealmaker Dean Metropoulos: Gores Metropoulos II (GMIIU; +10%), 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; +233%) this past December.

Gores Technology Partners was founded in 2020 and plans to list on the Nasdaq under the symbol GTPAU. Deutsche Bank, Morgan Stanley and Citi are the joint bookrunners on the deal.