Good Commerce Acquisition, a blank check company led by the former Gap CEO targeting consumer businesses, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The Greenbrae, CA-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Good Commerce Acquisition will command a market value of $250 million.
The company is led by CEO and Chairman Art Peck, who previously served as CEO of Gap from 2015 to 2019. He is joined by Vice Chairman Gary Wassner, who is the CEO of Hilldun Corporation, and President and Director Abinta Malik, who previously was an Executive Vice President at Gap and served as Head of Gap’s enterprise-wide Loyalty and Payments business. Good Commerce Acquisition's objective is to create a next-generation consumer holding company by combining exceptional brands and leadership teams in the apparel and accessories, outdoor, health and wellness, home, and other consumer-related industries to create long-term value for our shareholders.
Good Commerce Acquisition was founded in 2021 and plans to list on the Nasdaq. The company has not yet chosen a ticker (RC ticker: GCAU.RC). Credit Suisse is the sole bookrunner on the deal.
