Footprint International Holdco, a global materials science technology company focused on sustainable solutions, and Gores Holdings VIII today announced plans to merge at a pro forma enterprise valuation of $1.6 billion.
If approved, Footprint International is expected to list on the Nasdaq under the ticker symbol FOOT.
Current Footprint equity holders will retain approximately 62% ownership in Footprint and roll 100% of their equity interests into the pro forma company.
Assuming no redemptions by Gores VIII shareholders, the business combination will provide approximately $805 million in gross proceeds. The funds consist of $345 million in trust from Gores VIII and approximately $460 million of additional capital, including $150 million Class C Preferred Financing which will be funded immediately. The PIPE investment, which was oversubscribed, and Class C Preferred Financing are anchored by Koch Strategic Platforms and include a commitment from Gores Holdings VIII Sponsor and affiliates. Read more.
