Gores Holdings VIII, Inc. Announces Pricing of $300 Million Initial Public Offering

Rhea-AI Summary

Gores Holdings VIII, Inc. has announced the pricing of its initial public offering (IPO) of 30 million units at $10.00 each, planned to trade on the Nasdaq under the ticker symbol GIIXU starting February 25, 2021. Each unit includes one share of Class A common stock and one-eighth of a warrant, with the full warrant allowing for the purchase of additional shares at $11.50 each. Deutsche Bank Securities Inc. is the book-running manager and has an option to purchase an additional 4.5 million units to cover over-allotments.

Positive

• Pricing of an IPO at $10.00 per unit could attract investor interest.
• The offering includes warrants, which may enhance value for investors.

Negative

• Potential market dilution if the underwriter exercises the option for additional units.

Gores Holdings VIII, Inc. (the “Company”), a blank check company 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 30,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol “GIIXU” beginning February 25, 2021. Each unit consists of one share of the Company’s Class A common stock and one-eighth of one warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “GIIX” and “GIIXW,” respectively.

Deutsche Bank Securities Inc. is serving as book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 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.

A registration statement relating to the securities has been declared effective by the Securities and Exchange Commission (“SEC”) on February 24, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210224006130/en/

FAQ

What is the IPO price for Gores Holdings VIII, Inc.?

The IPO price is set at $10.00 per unit.

When will Gores Holdings VIII, Inc. start trading on Nasdaq?

Trading will begin on February 25, 2021, under the ticker symbol GIIXU.

What can investors expect from the warrants in the Gores Holdings VIII, Inc. IPO?

Each unit includes one-eighth of a warrant, with a full warrant allowing purchase of shares at $11.50 each.

Who is managing the IPO for Gores Holdings VIII, Inc.?

Deutsche Bank Securities Inc. is serving as the book-running manager for the offering.

Is there a risk of dilution in the Gores Holdings VIII, Inc. IPO?

Yes, there is a potential dilution risk if the underwriter exercises its option to purchase additional units.