Gores Holdings VII, Inc. Completes $550 Million Initial Public Offering
Gores Holdings VII closed its IPO of 55,000,000 units at $10.00 each, generating gross proceeds of $550 million. This includes 7,000,000 units from the underwriters' over-allotment option. Each unit comprises one Class A common stock share and one-eighth of a warrant, which can be exercised at $11.50 per share. Trading commenced on Nasdaq under the symbol 'GSEVU' on February 23, 2021. The anticipated use of net proceeds is outlined in forward-looking statements, but no guarantees are provided regarding these uses.
- Successfully raised $550 million in gross proceeds through the IPO.
- Units consist of shares and warrants, potentially enhancing shareholder value.
- Forward-looking statements about the use of proceeds carry risks and uncertainties.
Gores Holdings VII, 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 55,000,000 units, which includes 7,000,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. The offering was priced at
The Company’s units began trading on the Nasdaq Capital Market under the ticker symbol “GSEVU” on February 23, 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
Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are serving as joint book-running managers 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 and 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 became effective on February 22, 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/20210225006011/en/
FAQ
What was the total amount raised in Gores Holdings VII's IPO?
When did Gores Holdings VII begin trading on Nasdaq?
What does each unit of Gores Holdings VII include?
What is the exercise price for the warrants associated with Gores Holdings VII's units?
Who were the underwriters for Gores Holdings VII's IPO?
What are the ticker symbols for Gores Holdings VII's stock and warrants?
