Footprint International to Go Public Via Deal With SPAC Gores Holdings

Footprint International Holdco Inc. plans to be publicly listed on Nasdaq through a combination with Gores Holdings VIII Inc., a special-purpose acquisition company formed by an affiliate of Gores Group LLC, the companies said.

Footprint is a materials science company that has developed advanced coating and process technologies that it says enable plant-based materials to compete with traditional plastic-based technologies on performance and price.

Footprint stockholders, including customers Conagra, JBS, Eggland’s Best and Sweetgreen, will roll 100% of their equity holdings into the new public company, the company said.

Upon closing, the combined company will be named Footprint International Inc. and is expected to be listed on Nasdaq under the ticker symbol FOOT, the companies said.

The combined company is expected to have a pro forma enterprise value of $1.6 billion at the closing.

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The deal will provide about $805 million in gross proceeds, composed of $345 million of cash held in trust from Gores Holdings VIII and about $460 million of additional capital, including $150 million Class C preferred financing that will be funded immediately, the companies said.

A private investment in public equity investment, which was oversubscribed, and Class C preferred financing are anchored by Koch Strategic Platforms and include a commitment from Gores Sponsor VIII LLC and affiliates, the companies said.

Footprint said its customer base includes Conagra, General Mills, Gillette, JBS Foods, Kraft, McDonald’s, Sweetgreen, Nestle, Upfield, Procter & Gamble, Quaker, Taylor Farms, Tyson, Unilever and Walmart.

Source: Market Watch

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