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.


Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....