Gores VIII (NASDAQ:GIIX) announced this morning that it has amended its deal with sustainable materials-maker Footprint, bringing in new capital and lowering the target’s valuation.
The parties agreed to lower Footprint’s enterprise value by 37.5% to $1 billion from $1.6 billion while adding a standby equity facility worth up to $300 million and a $280 million facility designated for equipment purchases through 2023. Footprint is to have access to a minimum of $100 million under the standby equity facility but can pull in up to $300 million at its discretion.
Koch Strategic Platforms has also upsized its investment in the transaction’s PIPE, which is now anticipated to deliver $290 million to Footprint prior to the deal’s close. Taken together with the roughly $345 million Gores VIII holds in trust, the transaction is now expected to provide up to $960 million in cash proceeds.
Footprint also provided an update in its press release, noting that it is on pace to rack up $924 million in contracted revenue by the end of 2022, although just how solidified those arrangements are is yet to be seen.
Gores VIII initially announced the deal on December 14 and it is gradually become one of the older pending transactions among experienced SPAC teams. These changes show, however, that the teams have been busy during this time.
With major capital expenditures slated to help it build out its manufacturing capacity, Footprint expects to generate $135 million in revenue in 2022E with the company’s first EBITDA-positive year coming in 2023E when it is projected to generate $23 million from $500 million in revenue.


Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...