Gores Metropoulos II, Inc. Completes $450 Million Initial Public Offering
January 22 2021 - 7:01PM
Business Wire
Gores Metropoulos II, Inc. (the “Company”), a blank check
company sponsored by an affiliate of The Gores Group, LLC, and an
affiliate of Metropoulos and Co., 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 closing of its initial
public offering of 45,000,000 units, which includes 5,000,000 units
issued pursuant to the full exercise by the underwriters of their
over-allotment option. The offering was priced at $10.00 per unit,
resulting in gross proceeds of $450,000,000, before deducting
underwriting discounts and commissions and other offering expenses
payable by the Company.
The Company’s units began trading on the Nasdaq Capital Market
under the ticker symbol “GMIIU” on January 20, 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
ticker symbols “GMII” and “GMIIW,” respectively.
Deutsche Bank Securities Inc. and Citibank Global Markets Inc.
are serving as joint book-running managers for the offering. The
offering was made only by means of a prospectus, copies of which
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; 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 became
effective on January 19, 2021, in accordance with Section 8(a) of
the Securities Act of 1933, as amended. 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 Securities and Exchange Commission (“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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210122005496/en/
Jennifer Kwon Chou Managing Director, The Gores Group (310)
209-3010 jchou@gores.com
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