The merger is with Gores Holdings VIII, Inc., a special purpose acquisition company formed by an affiliate of Los Angeles-based The Gores Group, LLC.
Upon closing of the proposed transaction, the combined company will be named Footprint International, Inc. and is expected to be listed on NASDAQ under the ticker symbol “FOOT,” according to the companies.
The combined company will be led by Troy Swope, co-founder and CEO of Footprint, and is expected to have a pro forma enterprise value of $1.6 billion at the closing of the proposed transaction, according to a release.
Footprint is focused on reducing or eliminating plastics through the development and manufacturing of new technologies. It provides plant-based fiber solutions with extended shelf life comparable to plastic to help companies meet their sustainability goals, according to the company.
“Our mission is to create a healthier planet and step one is to design, develop and manufacture plant-based fiber solutions as an alternative to single-use plastics,” Swope said in the release. “Today marks an exciting inflection point in our seven-year history inventing new materials that challenge the status quo. In the Gores team, we have found a partner with a proven track record of bringing leading companies to the public markets and a shared commitment to global sustainability. The balance sheet strength of the combined company is anticipated to enable Footprint to expand our operations and geographic reach as we scale our technology to meet record customer demand.”
The company gained more visibility when it announced a deal last July with the NBA’s Phoenix Suns to rename the Suns’ arena as the Footprint Center.