Gores Holdings II, a blank check company formed by The Gores Group, filed and set terms on Friday with the SEC to raise up to $375 million in an initial public offering.
The company plans to raise $375 million by offering 37.5 million units for $10 each. At that price, the SPAC would command a market value of $469 million. IPO timing has not been determined.
The Gores Group brought another SPAC, Gores Holdings, public in August 2015; in July 2016, the company bought a majority stake in Hostess Brands, the maker of Twinkies and Ho Hos, for roughly $725 million, and it paid $375 million in cash to Hostess shareholders as part of the deal.
The primary shareholder of Gores Holdings II is Gores Group Chairman and CEO Alec Gores with a 20% pre-IPO stake.
The Beverly Hills, CA-based company was founded in 2016 and filed confidentially on September 1, 2016. Deutsche Bank is the sole bookrunner on the deal. No pricing terms were disclosed.
