- SPAC Gores Holdings VIII ( NASDAQ: GIIX ) has revised the terms of its previously announced definitive merger agreement with materials science technology firm, Footprint.
- Owing to the current market conditions, the parties agreed to adjust the pro forma enterprise value of Footprint to $1B, down from $1.6B.
- Footprint secured ~$300M standby equity facility in connection with the updated transaction as well as an initial $280M facility to fund equipment purchases through the end of 2023.
- Additionally, Koch Strategic Platforms upsized its prior investment and, along with Gores Sponsor VIII and certain other investors, has agreed to accelerate the funding of its investment.
- When combined with Koch's prior investments in Footprint, this has resulted in ~$290M of capital being funded to Footprint prior to the close of the business combination.
- This capital, combined with the PIPE proceeds, the standby equity facility, cash in trust, and the initial equipment financing facility, will deliver ~$960M in capital to Footprint in connection with the transaction.
- Upon closing of the deal, the combined company will be named "Footprint International, Inc." and will be listed on the Nasdaq under the ticker symbol "FOOT."
For further details see:
Gores Holdings VIII revises Footprint deal valuation to $1B