The Gores team celebrated by renting a car, running three red lights (without getting fined) and then ate some Twinkies.
Wednesday morning, Gores Holdings II, Inc., a $400 million SPAC, released the results of their shareholder vote to approve their business combination with Verra Mobility. Shareholders overwhelmingly approved the combination with less than 1% of shareholders electing to redeem.
Verra Mobility is in the smart mobility space, serving the world’s commercial fleets and rental car companies in managing tolling transactions and violations for more than 8.5 million vehicles and operating more than 4,000 red-light, speed, and school bus stop arm safety cameras. Verra Mobility is headquartered in Mesa, Arizona and currently operates in 15 countries.
An 8-K has not been filed yet detailing exact vote counts, but having less than 1% of shares redeem is how you get a deal done and done well. The share is currently trading at $10.60 and the warrant at $2.30.,
Gores II will be renamed Verra Mobility Corporation and its common stock and warrants will trade on the NASDAQ under the symbols “VRRM” and “VRRMW”, respectively.
- Deutsche Bank Securities Inc. acted as lead capital markets advisor, lead private placement agent, and financial advisor to Gores Holdings II.
- Goldman, Sachs & Co acted as joint capital markets advisor and joint private placement agent and financial advisor along with Moelis & Company and Credit Suisse LLC as financial advisors.
- Weil, Gotshal & Manges LLP acted as legal advisor to Gores Holdings II.
- Gibson, Dunn & Crutcher LLP acted as legal advisor to Platinum Equity and Verra Mobility.