Gores Holdings VIII today announced that in light of developing market conditions, it has agreed with merger partner Footprint International to lower the estimated pro forma enterprise value to $1 billion, down from $1.6 billion.
The company secured approximately $300 million in a standby equity facility available upon the closing of the transaction and received approval for a $280 million facility to fund equipment purchases through 2023.
Koch Strategic Platforms, Gores Sponsor VIII and other investors agreed to accelerate funding of their respective investments to ensure continued business momentum, resulting in approximately $290 million of capital prior to closing the merger.
The combination of the $290 million of capital with PIPE proceeds, standby equity facility, cash in trust, and initial equipment financing facility will deliver approximately $960 million in capital to Footprint in connection with the transaction.
Footprint said it delivered record revenue in the first half of 2022 and is on track to meet its target of $924 million in revenue under contract by the end of 2022.
Footprint is a global materials science technology company focused on sustainable solutions. Read more.
