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Jun168
2021-12-14

Footprint Said to Agree to Gores SPAC Merger as Koch Invests

Company set to trade on Nasdaq bourse under ‘FOOT’ ticker Combined entity set to have enterprise val

Footprint Said to Agree to Gores SPAC Merger as Koch Invests

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The PIPE, priced at $10 a share, was backed by Koch Strategic Platforms among others and Koch separately committed to provide $150 million in preferred financing, the people said.</p>\n<p>Gilbert, Arizona-based Footprint’s customers include Kraft Heinz Co., McDonald’s Corp. and Procter &amp; Gamble Co. Increased government regulation, heightened corporate sustainability efforts and changing societal preferences have been a boost to its business, with many consumer-packaged-goods companies seeking alternatives to single-use plastic.</p>\n<p>Footprint’s investors, including Sweetgreen Inc., Conagra Brands Inc. and JBS, will roll 100% of their equity into the new entity, the people said. It has committed customer orders resulting in estimated 2023 revenue of roughly $500 million, 10 times what Footprint is poised to turnover in 2021, the people said.</p>\n<p>The new entity will be led by Footprint co-founder and CEO Troy Swope and be listed with the ticker ‘FOOT’ on Nasdaq.</p>\n<p>Bloomberg News in August&nbsp;reported&nbsp;Footprint was in talks to go public through a deal with a Gores SPAC at a valuation of as much as $3 billion. The transaction was recalibrated in recent months, in part due to feedback from SPAC investors, the people said.</p>\n<p>Gores Holdings VIII, led by Gores and CEO Mark Stone, raised $345 million in a February IPO. Other Gores SPACs have merged to form companies including Ardagh Metal Packaging SA and Matterport Inc..</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Footprint Said to Agree to Gores SPAC Merger as Koch Invests</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFootprint Said to Agree to Gores SPAC Merger as Koch Invests\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-14 13:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-12-14/footprint-said-to-agree-to-gores-spac-merger-as-koch-invests?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Company set to trade on Nasdaq bourse under ‘FOOT’ ticker\nCombined entity set to have enterprise value of $1.6 billion\n\nFootprint packaging Source: Footprint\nFootprint Inc., a materials science ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-12-14/footprint-said-to-agree-to-gores-spac-merger-as-koch-invests?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GIIX":"Gores Holdings VIII Inc"},"source_url":"https://www.bloomberg.com/news/articles/2021-12-14/footprint-said-to-agree-to-gores-spac-merger-as-koch-invests?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121274467","content_text":"Company set to trade on Nasdaq bourse under ‘FOOT’ ticker\nCombined entity set to have enterprise value of $1.6 billion\n\nFootprint packaging Source: Footprint\nFootprint Inc., a materials science technology company seeking to eliminate single-use plastic, has agreed to merge with Gores Holdings VIII Inc., a special purpose acquisition company led by billionaire Alec Gores, according to people with knowledge of the matter.\nThe transaction, slated to be announced Tuesday in the U.S., features a roughly $310 million private investment in public equity, or PIPE, and gives the combined company an enterprise value of $1.6 billion assuming no redemptions, said the people, requesting anonymity. The PIPE, priced at $10 a share, was backed by Koch Strategic Platforms among others and Koch separately committed to provide $150 million in preferred financing, the people said.\nGilbert, Arizona-based Footprint’s customers include Kraft Heinz Co., McDonald’s Corp. and Procter & Gamble Co. Increased government regulation, heightened corporate sustainability efforts and changing societal preferences have been a boost to its business, with many consumer-packaged-goods companies seeking alternatives to single-use plastic.\nFootprint’s investors, including Sweetgreen Inc., Conagra Brands Inc. and JBS, will roll 100% of their equity into the new entity, the people said. It has committed customer orders resulting in estimated 2023 revenue of roughly $500 million, 10 times what Footprint is poised to turnover in 2021, the people said.\nThe new entity will be led by Footprint co-founder and CEO Troy Swope and be listed with the ticker ‘FOOT’ on Nasdaq.\nBloomberg News in August reported Footprint was in talks to go public through a deal with a Gores SPAC at a valuation of as much as $3 billion. The transaction was recalibrated in recent months, in part due to feedback from SPAC investors, the people said.\nGores Holdings VIII, led by Gores and CEO Mark Stone, raised $345 million in a February IPO. Other Gores SPACs have merged to form companies including Ardagh Metal Packaging SA and Matterport Inc..","news_type":1,"symbols_score_info":{"GIIX":0.9}},"isVote":1,"tweetType":1,"viewCount":1883,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Footprint Said to Agree to Gores SPAC Merger as Koch Invests

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