Gores Holdings VII, the seventh blank check company formed by The Gores Group, raised $480 million by offering 48 million units at $10. The company offered 8 million more units than anticipated. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50.
The company is led by Chairman Alec Gores, founder and CEO of The Gores Group in 1987, and CEO Mark Stone, who currently serves as a Senior Managing Director of The Gores Group. The SPAC plans to leverage its management's experience to target a wide array of industries including industrials, technology, telecom, media and entertainment, business services, healthcare, and consumer products.
The Gores Group's previous SPACs include Gores Holdings VI (GHVIU; +120% from $10 offer price), which went public in December 2020 and is pending a combination with Matterport; Gores Holdings V (GRSVU; +13%), which went public in August 2020; Gores Holdings IV, which went public in January 2020 and recently combined with UWM Corp (UWMC; -20%); Gores Holdings III, which acquired government contractor PAE (PAE; -15%) in February 2020; Gores Holdings II, which acquired Verra Mobility (VRRM; +43%) in October 2018; and Gores Holdings, which acquired Hostess Brands (TWNK; +32%) in November 2016. While Gores Holdings VII is the seventh SPAC formed by The Gores Group alone, the group has also co-sponsored two SPACs with dealmaker Dean Metropoulos: Gores Metropoulos II (GMIIU; +11%), which went public earlier this month, and Gores Metropoulos, which went public in January 2019 and completed its combination with driverless car startup Luminar Technologies (LAZR; +212%) this past December.
Gores Holdings VII plans to list on the Nasdaq under the symbol GSEVU. Deutsche Bank and Morgan Stanley acted as lead managers on the deal.
