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.
ADVISORS
- 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.
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
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...