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LAZR - Luminar Technologies Inc News Story

$17.67 -0.4  -2.2%

Last Trade - 16/04/21

Market Cap £638.8m
Enterprise Value £638.5m
Revenue £n/a
Position in Universe 2946th / 6850

Gores-backed SPACs to raise $640 mln through IPOs

Tue 2nd February, 2021 12:25pm
Feb 2 (Reuters) - Two blank-check companies, backed by
private equity firm Gores Group LLC, are looking to raise $640
million through initial public offerings (IPO), regulatory
filings showed on Tuesday. 
    The special purpose acquisition companies (SPACs) - Gores
Technology Partners Inc and Gores Technology Partners II Inc -
aim to raise $240 million and $400 million, respectively, by
selling shares and warrants on the Nasdaq Capital Market.
    SPACs are shell companies that raise funds through an IPO to
take a private company public via a merger. For the target
company, it is an alternative route to enter public markets
besides a traditional IPO. 
    Billionaire Alec Gores, the chief executive officer of Gores
Group, is one of the most prominent and prolific SPAC dealmakers
in the United States, and has raised hundreds of millions of
dollars through multiple blank-check firms over the past couple
of years.
    Some Gores-backed SPACs have already taken companies public.
    Gores Holding IV Inc took United Wholesale Mortgage  UWMC.N 
public through a merger in January this year. The deal, valued
at nearly $16 billion, was the biggest SPAC merger of all time. 
 urn:newsml:reuters.com:*:nL4N2JB1P8 urn:newsml:reuters.com:*:nL3N2GK3MQ  
    Deutsche Bank Securities, Morgan Stanley, Citigroup and
Credit Suisse are the lead underwriters on the offerings.  

 (Reporting by Sohini Podder in Bengaluru, Editing by Sherry
Jacob-Phillips)
 ((sohini.podder@thomsonreuters.com;))
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