Materials science company Footprint Inc has agreed to go public through a merger with a blank-check firm led by billionaire Alec Gores, in a deal that values the combined entity at about $1.6 billion including debt, the companies said on Tuesday.
Footprint, founded in 2014, offers plant-based solutions to help companies cut carbon emissions and landfill waste and customers include Walmart, McDonald’s, Kraft Heinz Co and Nestle.
The deal with Gores Holdings VIII Inc GIIX.O will provide Gilbert, Arizona-based Footprint about $805 million in gross proceeds, including $345 million from the special purpose acquisition company’s trust account.
Earlier this year, Swedish EV maker Polestar agreed to go public in the United States by merging with a blank-check firm backed by Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion.
Read more/Source: Reuters
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