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General News

Gores Guggenheim SPAC Seeking to Raise $750 Million via IPO

February 24, 2021

NEW YORK – Greek-American billionaire Alec Gores and investment bank Guggenheim Partners are backing a “blank-check firm” which “is looking to raise nearly $750 million through an initial public offering (IPO), a regulatory filing showed” on February 22, Reuters reported.

“Gores Guggenheim, co-sponsored by Gores Group LLC and Guggenheim, said it plans to sell 75 million units composed of shares and warrants, priced at $10 per unit on the Nasdaq Capital Market,” Reuters reported, adding that “Gores Guggenheim is the thirteenth special purpose acquisition company (SPAC) backed by Gores, who is among Wall Street’s most prolific SPAC dealmakers and has raised billions of dollars through multiple blank-check vehicles so far.”

“Another Gores-backed SPAC, Gores Holdings VI Inc, earlier this month agreed to take 3D camera maker Matterport Inc public for $2.9 billion,” Reuters reported, noting that “SPACs, or blank-check firms, are shell companies that raise funds through an IPO to take a private company public and have emerged as one of Wall Street’s most favored investment vehicles in recent times. For the company going public, striking a deal with a SPAC is an alternative to a traditional IPO.”

“Deutsche Bank Securities, Citigroup and Morgan Stanley are the lead underwriters for the latest offering,” Reuters reported.

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