Gores Holdings V, the fifth blank check company formed by The Gores Group, filed on Monday with the SEC to raise up to $400 million in an initial public offering.
The Beverly Hills, CA-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-fifth of a warrant, exercisable at $11.50. At the proposed price, Gores Holdings V would command a market value of $500 million.
The company is led by Chairman Alec Gores, founder and CEO of The Gores Group; CEO Mark Stone, who currently serves as a Senior Managing Director of The Gores Group; and CFO Andrew McBride, who currently serves as Director of Finance and Tax at The Gores Group. The company plans to target a diverse range of sectors, including industrials, technology, telecommunications, media and entertainment, business services, healthcare, and consumer products.
The Gores Group's previous SPACs include Gores Holdings IV (GHIVU; +8% from IPO), which went public in January of this year; Gores Holdings III, which acquired government contractor PAE (PAE; -12%) in February 2020; Gores Holdings II, which acquired Verra Mobility (VRRM; +7%) in October 2018; and Gores Holdings, which acquired Hostess Brands (Nasdaq: TWNK; +19%) in November 2016.
The Beverly Hills, CA-based company was founded in 2020 and plans to list on the Nasdaq under the symbol GRSVU. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal.
