Gores Holdings VIII, the eighth blank check company formed by The Gores Group, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50.
The company is led by Chairman Alec Gores, the founder and CEO of The Gores Group, 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 recent SPACs include Gores Technology Partners (GTPAU) and Gores Technology Partners II (GTPBU), which submitted initial filings earlier this month; Gores Holdings VII (GSEVU; +7% from $10 offer price), which went public earlier this week; Gores Holdings VI (GHVI; +86%), which went public in December 2020 and has a pending merger agreement with software maker Matterport; Gores Holdings V (GRSV; +6%), which went public in August 2020 and has a pending merger agreement with Ardagh Metal Packaging; and Gores Holdings IV, which merged with UWM Holdings Corporation (UWMC; -20%) in January 2021.
While Gores Holdings VIII is the eighth SPAC formed by The Gores Group alone, the group has also co-sponsored two SPACs with dealmaker Dean Metropoulos: Gores Metropoulos II (GMIIU; +9%), which went public this past January, and Gores Metropoulos, which went public in January 2019 and completed its combination with driverless car startup Luminar Technologies (LAZR; +195%) this past December. The firm is also co-sponsoring a SPAC with Guggenheim Partners, Gores Guggenheim (GGPIU), which filed earlier this week.
Gores Holdings VIII plans to list on the Nasdaq under the symbol GIIXU. Deutsche Bank acted as a lead manager on the deal.
