Gores Technology Partners II, the tenth blank check company formed by The Gores Group targeting a tech business, raised $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.
The company is led by Chairman Alec Gores, the founder and CEO of The Gores Group, and Co-CEOs Ted Fike and Justin Wilson, who are currently Senior Managing Directors at The Gores Group and previously were Partners at SoftBank Investment Advisers. The company plans to target technology businesses in the consumer internet, enterprise software, fintech, digital health, proptech, gaming, agtech, and logistics industries.
The Gores Group's most recent SPACs include Gores Technology Partners I (GTPAU), which raised $240 million; Gores Holdings VIII (GIIXU; +2% from $10 offer price) and Gores Holdings VII (GSEVU; +2%), both of which went public last month; and Gores Holdings VI (GHVI; +70%), which went public in December 2020 and has a pending merger agreement with software maker Matterport.
While Gores Technology Partners II is the tenth SPAC formed by The Gores Group alone, the group has also co-sponsored two SPACs with dealmaker Dean Metropoulos: January 2021 IPO Gores Metropoulos II (GMIIU; +3%) and January 2019 IPO Gores Metropoulos, which completed its combination with driverless car startup Luminar Technologies (LAZR; +163%) this past December. The Gores Group is also co-sponsoring Gores Guggenheim (GGPIU) with Guggenheim Partners, which filed last month.
Gores Technology Partners II plans to list on the Nasdaq under the symbol GTPBU. Deutsche Bank, Morgan Stanley, and Credit Suisse acted as lead managers on the deal.
