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SPAC Gores Metropoulos II Prices $400 Million IPO, Following Luminar Deal

GREENWICH, CT – Gores Metropoulos II, the second special purpose acquisition company (SPAC) or blank check company formed by Dean Metropoulos and The Gores Group, raised $400 million by offering 40 million units at $10, Renaissance Capital (RC) reported on January 19, adding that “each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50.”

“The company is led by Chairman Dean Metropoulos, a billionaire investing veteran who serves as CEO of family-owned investment firm Metropoulos & Co., where he has led notable acquisitions such as Hostess, Pabst Brewing, Utz Quality Foods, and Pinnacle Foods,” RC reported, noting that “he is joined by CEO and Director Alec Gores, the Founder, Chairman, and CEO of The Gores Group and Chairman of its various SPACs.”

“The group's previous SPAC, Gores Metropoulos, raised $375 million in January of 2019 and recently completed its combination with lidar developer Luminar Technologies,” RC reported, adding that “The Gores Group has formed six other publicly-traded SPACs, four of which have completed or announced acquisitions.”

“Gores Metropoulos II intends to search for a target business in the consumer products and services industry, but may also pursue acquisition opportunities in any business industry or sector, which complements management’s operating experience,” RC reported, noting that “the Greenwich, CT-based company plans to list on the Nasdaq under the symbol GMIIU,” and “Deutsche Bank and Citi acted as lead managers on the deal.”

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