Since the closing of the Company’s IPO, the Company’s leadership has conducted a thorough search for the right target and evaluated a number of companies with the goal to complete an initial business combination that met its investment criteria. We look forward to continuing to leverage this vehicle to help quality companies raise capital and go public as we go through 2023 and beyond." The Gores Group believes that while the current reset in the SPAC market is necessary in light of the activity over the past two years, the SPAC product is an excellent financing tool for the right companies and situations. "Given the current market environment, we believe liquidating any expiring vehicles and returning capital to our shareholders as soon as possible is the best immediate path forward. "We remain active in SPACs and continue to be committed to the SPAC product in the long-term," said Alec Gores, Chairman and CEO of The Gores Group. ![]() The Company believes that consummation of a suitable merger is highly improbable, and because redemptions made after Decemmay be subject to a 1% excise tax included as part of the Inflation Reduction Act of 2022, it is in the best interest of the Company’s stockholders to return the cash in trust within calendar 2022 rather than wait for expiration in 2023. (NASDAQ: GTPA, GTPAU, GTPAW) (the "Company") announced today that it has filed a preliminary proxy statement to seek stockholder approval to adopt an amendment to its Amended and Restated Certificate of Incorporation ("Charter") to allow the Company to redeem all of its outstanding public shares and liquidate before December 31, 2022, in advance of the automatic termination date in its current Charter of March 16, 2023. BOULDER, Colo., November 03, 2022-( BUSINESS WIRE)-Gores Technology Partners, Inc.
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