This morning, we had a surprise new IPO filing in the form of a $375 million “Gores” SPAC, but this time with the addition of Dean Metropoulos, the billionaire investor that has been involved in roughly 80 transactions in the food and consumer sectors. Some of those transactions include investments in Pabst Brewing Company, Utz Quality Foods LLC, and Pinnacle Foods Group, Inc. Plus, Mr. Metropoulos is the Executive Chairman of the Board of Hostess Brands, which was Gores Holdings I’s business combination back in 2016. The Gores team is “SPAC strong” to begin with, but the addition of Dean Metropoulos makes it a consumer products and services lover’s dream team.
Alec Gores, who was the Chairman of the Board on Gores I & II, will be CEO and Director for the Gores Metropoulos team. Additionally, Andrew McBride, who served as the CFO and Secretary on Gores I & II, and is currently the CFO and Secretary for Gores III, will also be CFO & Secretary for Gores Metropoulos.
This is going to be a hot deal, however, pricing should not happen until January of next year. This SPAC is most likely to be the first of many new filings in the next few weeks as we start to see the underwriters tee-up first quarter deals. And, it’s always nice to start off strong as evidenced by the terms.
As you can see below, this is a 100% in trust, 24 months, 1 share + 1/3 of a warrant deal. Additionally, Gores Metropoulos will be utilizing the warrant redemption for shares feature last seen in the Gores III SPAC. As a refresher on this term, rather than have a share price threshold of $18.00 as seen in the cash/cashless exercise, Gores Metropoulos, can also call their warrants for shares at a threshold price of $10.00. Whether Gores Metropoulos calls their warrants for cash, cashless exercise or for shares is at their discretion. You can read more about this feature here and here.
Summary of terms below:
Deutsche Banks and Credit Suisse are joint-lead underwriting managers.
Weil, Gotshal & Manges LLP and Ropes & Gray LLP are issuer’s counsel and underwriter’s counsel, respectively.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...