Gores Technology Partners II, Inc. Announces Pricing of $400 Million Initial Public Offering

Rhea-AI Summary

Gores Technology Partners II, Inc. has announced the pricing of its initial public offering (IPO) of 40,000,000 units at a price of $10.00 each. Trading on the Nasdaq under the symbol GTPBU will commence on March 12, 2021. Each unit comprises one share of Class A common stock and one-fifth of a warrant, with each whole warrant allowing the purchase of a share at $11.50. The company has granted underwriters a 45-day option to buy an additional 6,000,000 units to cover over-allotments, if necessary.

Positive

• Successful pricing of IPO at $10.00 per unit.
• Listing of units on Nasdaq under GTPBU, promoting visibility.
• Potential for additional 6,000,000 units to be sold, increasing capital.
• Warrants provide investors with future investment options.

Negative

• Utilization of proceeds from the IPO is not explicitly outlined.
• Forward-looking statements present uncertainty regarding the offering's completion.

Gores Technology Partners II, 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 40,000,000 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 “GTPBU” 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 “GTPB” and “GTPBW,” respectively.

Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC 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 6,000,000 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 Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, telephone: (800)-221-1037 or by emailing: usa.prospectus@credit-suisse.com.

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/20210311006036/en/

FAQ

What is the price of Gores Technology Partners II's initial public offering?

The IPO is priced at $10.00 per unit.

When will GTPBU start trading?

Trading begins on March 12, 2021.

What does each unit consist of in the IPO?

Each unit includes one share of Class A common stock and one-fifth of a warrant.

What is the exercise price of the warrants?

The warrants allow the purchase of shares at $11.50 each.

What additional option do underwriters have?

Underwriters can buy up to an additional 6,000,000 units within 45 days to cover over-allotments.

What are the stock symbols for Gores Technology Partners II?

The symbols are GTPBU for units, GTPB for Class A common stock, and GTPBW for warrants.