Gores Holdings V, the fifth blank check company formed by The Gores Group, raised $475 million by offering 47.5 million units at $10. The company offered 7.5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
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 (GHIV; +5% from IPO), which went public in January of this year; Gores Holdings III, which acquired government contractor PAE (PAE; -13%) in February 2020; Gores Holdings II, which acquired Verra Mobility (VRRM; +10%) in October 2018; and Gores Holdings, which acquired Hostess Brands (Nasdaq: TWNK; +30%) in November 2016. While Gores Holdings V is the fifth SPAC formed by The Gores Group alone, the group also co-sponsored January 2019 IPO Gores Metropoulos (GMHI; +6%) with dealmaker Dean Metropoulos.
Gores Holdings V plans to list on the Nasdaq under the symbol GRSVU. Deutsche Bank and Morgan Stanley acted as lead managers on the deal.
