Gores Guggenheim, Inc. Announces Pricing of $750 Million Initial Public Offering
Gores Guggenheim, Inc. has announced the pricing of its initial public offering (IPO) of 75,000,000 units, priced at $10.00 each. The units will trade on the Nasdaq under the symbol GGPIU starting March 23, 2021. Each unit includes one share of Class A common stock and one-fifth of a warrant, with each whole warrant allowing the purchase of one share at $11.50. Underwriters have a 45-day option for an additional 11,250,000 units. The offering's details are available in the prospectus following SEC approval on March 22, 2021.
- Successful pricing of 75 million units at $10 each, raising significant capital.
- Potential for additional 11.25 million units through the overallotment option.
- Warrants may create dilution for existing shareholders if exercised.
- Uncertainty surrounding the completion of the offering as indicated in forward-looking statements.
Gores Guggenheim, Inc. (the “Company”), a blank check company sponsored by affiliates of The Gores Group and Guggenheim Capital, LLC, formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 75,000,000 units at a price of
Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are serving as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 11,250,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.cpdg@db.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at (800) 831-9146; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick, 2nd Floor, New York, New York 10014, telephone: 866-718-1649 or email: prospectus@morganstanley.com.
A registration statement relating to the securities has been declared effective by the Securities and Exchange Commission (“SEC”) on March 22, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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