Gores Metropoulos, a blank check company formed by The Gores Group, announced terms for its IPO on Tuesday.
The Beverly Hills, CA-based company plans to raise $375 million by offering 37.5 million units at a price of $10. Each unit will consist of one share of common stock and one warrant to purchase one third of one share of common stock at $11.50 per share. At $10, Gores Metropoulos would command a market value of $469 million.
Gores Metropoulos is led by CEO Alec Gores, who founded The Gores Group in 1987, and Chairman Dean Metropoulos, the current Executive Chairman of Hostess Brands.
Gores Metropoulos was founded in 2018 and plans to list on the Nasdaq under the symbol GMHIU. Deutsche Bank and Credit Suisse are the joint bookrunners on the deal.
