Gores Guggenheim, Inc. Announces Closing of Over-Allotment in Connection With Its Initial Public Offering
April 22 2021 - 6:15PM
Business Wire
Gores Guggenheim, Inc. (the “Company”), a blank check company
sponsored by affiliates of The Gores Group and Guggenheim Capital,
LLC, 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 underwriters, pursuant to the terms of the
underwriting agreement, partially exercised their option to
purchase 5,000,000 newly issued units to cover over-allotments, and
on April 22, 2021, purchased these additional units, generating
additional gross proceeds of $50,000,000. Following the exercise of
the over-allotment option, the total aggregate issuance by the
Company of 80,000,000 units at a price of $10.00 per unit resulted
in total gross proceeds of $800,000,000.
The Company’s units began trading on the Nasdaq Capital Market
under the ticker symbol “GGPIU” on March 23, 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 “GGPI” and “GGPIW,” respectively.
Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and
Morgan Stanley & Co. LLC 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; Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, via telephone at (800) 831-9146; or 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;
A registration statement relating to the securities became
effective on March 22, 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
anticipated use of the net proceeds. No assurance can be given 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/20210422006162/en/
Jennifer Kwon Chou Managing Director, The Gores Group (310)
209-3010 jchou@gores.com
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