Serial SPAC sponsor Alec Gores plans to shut down three blank check firms early as the industry grapples with what he calls a “necessary” reset, Bloomberg reports.
The SPACs, which raised a combined $1.3 billion in 2021, are aiming to shut down and return cash back to investors before the end of the year, according to regulatory filings. The push to close up before the end of the year comes as the SPAC industry deals with a backlog of needy firms and a global market rout.
Gores Holdings VII, the largest of the three, raised $550 million in February 2021, while Gores Technology Partners II pulled in $460 million and Gores Technology Partners gathered $275 million in March 2021. The SPACs plan to get shareholder approval to accelerate their liquidation sometime in December. Read more.
