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Footprint, a materials science technology company, announced that Chief Legal Officer Steve Burdumy received the Arizona Corporate Counsel of the Year Award for environmental impact. Burdumy's legal and business acumen has significantly contributed to the company's growth, including overseeing capital raising and strategic partnerships to replace single-use plastics. Footprint has redirected 61 million pounds of plastic waste through its innovative products. The company plans to go public via a merger with Gores Holdings VIII (NASDAQ: GIIX, GIIXW, GIIXU) as announced in December 2021.
Footprint has launched a customized portfolio of plant-based solutions for supermarkets to replace single-use plastics and foam. The company aims to transform packaging for frozen food, dairy, meat, and produce sectors. Footprint’s innovations address the growing consumer demand for eco-friendly options, with 84% of consumers preferring products with less plastic. Partnerships with major brands, like Albertsons, enhance their commitment to sustainability, targeting a goal of 100% compostable packaging by 2025. The company is expanding rapidly, redirecting 61 million pounds of plastic waste globally.
Gores Holdings VIII, Inc. (Nasdaq: GIIX) received a notice from Nasdaq on May 21, 2021, indicating non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Quarterly Report on Form 10-Q for Q1 2021. The notice does not affect the company's trading status immediately. Following an SEC statement on warrants, the company is reassessing certain accounting treatments, specifically reclassifying its redeemable warrants as derivative liabilities. GIIX has until July 20, 2021, to submit a compliance plan, potentially extending to November 15, 2021, if accepted.
Gores Holdings VIII, Inc. (Nasdaq: GIIXU) announced that starting April 19, 2021, investors can separately trade shares of Class A common stock and warrants sold in its IPO of 34,500,000 units completed on March 1, 2021. Unseparated units will continue to trade under GIIXU, while Class A shares and warrants will trade under GIIX and GIIXW, respectively. This press release does not constitute an offer or solicitation regarding the company's securities. Gores Holdings VIII, formed for mergers and acquisitions, aims to leverage its management's expertise in identifying suitable business combinations.
Gores Holdings VIII closed its IPO of 34,500,000 units priced at $10.00 each, raising gross proceeds of $345,000,000. The offering includes 4,500,000 units from an overallotment by the underwriter. Each unit comprises one Class A common stock share and one-eighth of a warrant, with warrants convertible at $11.50 per share. The units began trading on Nasdaq under the symbol 'GIIXU' on February 25, 2021, while the Class A stock and warrants will trade under 'GIIX' and 'GIIXW' respectively. Deutsche Bank is the book-running manager for this offering.
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