Footprint Agrees to $1.6 Billion Gores SPAC Deal as Koch Invests

Footprint, a materials-science technology company seeking to eliminate single-use plastic, agreed to merge with Gores Holdings VIII Inc., a special purpose acquisition company led by billionaire Alec Gores.

The transaction is slated to give the combined company an enterprise value of $1.6 billion at its completion assuming there are no redemptions, according to a statement Tuesday confirming an earlier Bloomberg News report. The deal features a roughly $310 million private investment in public equity, or PIPE. The PIPE, priced at $10 a share, was backed by Koch Strategic Platforms among others and Koch separately committed to provide ...