Gores Guggenheim, a blank check company formed by The Gores Group and Guggenheim Partners, filed on Monday with the SEC to raise up to $750 million in an initial public offering.
The Boulder, CO-based company plans to raise $750 million by offering 75 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 deal size, Gores Guggenheim would command a market value of $938 million.
The company is led by Chairman Alec Gores, the founder and CEO of The Gores Group; CEO Mark Stone, who currently serves as a Senior Managing Director of The Gores Group; and President and Director Andrew Rosenfield, who currently serves as the President of Guggenheim Partners. The SPAC plans to leverage its management's experience to target a wide array of industries including industrials, technology, telecommunications, media and entertainment, business services, healthcare, financial services, and consumer products.
Gores Guggenheim was founded in 2020 and plans to list on the Nasdaq under the symbol GGPIU. Deutsche Bank, Citi and Morgan Stanley are the joint bookrunners on the deal.
