Gores Holdings VIII, Inc. Completes $345 Million Initial Public Offering

Rhea-AI Summary

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.

Positive

• Raised $345 million in gross proceeds from the IPO.
• Units include a warrant structure potentially increasing value.

Negative

• Market reactions to SPACs can be unpredictable, leading to potential volatility.
• Forward-looking statements indicate uncertainty in the planned use of proceeds.

Gores Holdings VIII, Inc. (the “Company”), a blank check company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and 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 closing of its initial public offering of 34,500,000 units, which includes 4,500,000 units issued pursuant to the full exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $345,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company’s units began trading on the Nasdaq Capital Market under the ticker symbol “GIIXU” on 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 ticker symbols “GIIX” and “GIIXW,” respectively.

Deutsche Bank Securities Inc. is serving as book-running manager for the offering. The offering was made only by means of a prospectus, copies of which 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 became effective on February 24, 2021, in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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 anticipated use of the net proceeds. No assurance can be given 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 Securities and Exchange Commission (“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/20210301005831/en/

FAQ

What is the significance of Gores Holdings VIII's recent IPO?

Gores Holdings VIII raised $345 million, enhancing its capital for potential business combinations.

When did Gores Holdings VIII start trading on Nasdaq?

The company began trading on Nasdaq under 'GIIXU' on February 25, 2021.

What are the ticker symbols for Gores Holdings VIII's Class A common stock and warrants?

Class A common stock trades under 'GIIX' and warrants under 'GIIXW'.

How many units were offered in Gores Holdings VIII's IPO?

A total of 34,500,000 units were offered, including an overallotment.

What was the price per unit in Gores Holdings VIII's IPO?

The units were priced at $10.00 each.