Gores Technology Partners, Inc. Announces Pricing of $240 Million Initial Public Offering

Rhea-AI Summary

Gores Technology Partners, Inc. announced the pricing of its initial public offering (IPO) of 24,000,000 units at $10.00 per unit, set to trade under the ticker symbol GTPAU on the Nasdaq starting March 12, 2021. Each unit includes one share of Class A common stock and one-fifth of a warrant, with whole warrants allowing stock purchase at $11.50. Underwriters have a 45-day option to buy an additional 3,600,000 units. The securities registration was effective as of March 11, 2021, but future offerings are not guaranteed as stated in forward-looking statements.

Positive

• Initial public offering of 24,000,000 units at $10.00 each.
• Each unit includes one share of Class A common stock and one-fifth of a warrant.
• Potential additional purchase option for underwriters of 3,600,000 units.

Negative

• The IPO is subject to forward-looking statements, which may not guarantee completion.
• Potential market risks associated with the offering.

Gores Technology Partners, Inc. (the “Company”), a blank check company sponsored by an affiliate of The Gores Group 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 pricing of its initial public offering of 24,000,000 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 “GTPAU” beginning March 12, 2021. Each unit consists of one share of the Company’s Class A common stock and one-fifth 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 “GTPA” and “GTPAW,” respectively.

Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. 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 3,600,000 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; 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; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at (800) 831-9146.

A registration statement relating to the securities has been declared effective by the Securities and Exchange Commission (“SEC”) on March 11, 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/20210311006038/en/

FAQ

What is the ticker symbol for Gores Technology Partners' IPO?

The ticker symbol for Gores Technology Partners' IPO is GTPAU.

How many units are being offered in Gores Technology Partners' IPO?

Gores Technology Partners is offering 24,000,000 units in its IPO.

What is the price per unit for Gores Technology Partners' IPO?

Each unit in Gores Technology Partners' IPO is priced at $10.00.

When will Gores Technology Partners start trading on Nasdaq?

Gores Technology Partners will start trading on Nasdaq on March 12, 2021.

What are the symbols for Class A common stock and warrants after separation?

After separation, Class A common stock will trade under GTPA and warrants under GTPAW.