Footprint, a global materials science technology company focused
on creating a healthy planet, and Gores Holdings VIII, Inc. (“Gores
Holdings VIII”) (Nasdaq: GIIXU, GIIX and GIIXW), today announced
they have mutually agreed to terminate their previously announced
Merger Agreement effective immediately. The termination of the
Merger Agreement is the result of current unfavorable conditions in
the public markets.
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Don Thompson, Chairman of the Footprint Board, commented,
“Footprint remains focused on delivering innovative and
environmentally-friendly solutions for our customers. Despite the
challenging financial market environment that has hindered our
merger plans, we continue to make progress toward our vision of
creating a healthier planet and healthier people by reducing the
use of single-use and short-term plastics in the supply chain. We
appreciate the tremendous support from Alec Gores and the team at
Gores Holdings VIII throughout this process – they have been great
partners to all of us at Footprint.”
Alec Gores, Chairman and CEO of The Gores Group and Chairman of
Gores Holdings VIII said, “After careful thought and consideration,
we mutually determined that this action is in the best interest of
all parties at this time given current market conditions.
Irrespective of this outcome, we feel optimistic about Footprint’s
future as the company continues to demonstrate strong performance
with continued record revenue growth and robust capacity expansion
year-to-date. Don Thompson, Troy Swope and the entire Footprint
team are clearly leaders in the market, producing and delivering
innovative solutions to their customers across the globe. We
continue to be very excited for what’s ahead for Footprint.”
Additional information about the termination of the Merger
Agreement will be provided in a Current Report on Form 8-K to be
filed by Gores Holdings VIII with the U.S. Securities and Exchange
Commission and available at www.sec.gov.
About Footprint
Footprint has a clear vision to create a healthier planet and
healthier people. Phase one of our mission is to provide solutions
that eliminate single-use and short-term use plastics in our food
chain. Footprint’s team of engineers use plant-based fiber
technology to design, develop and manufacture biodegradable,
compostable, and recyclable products that compete with plastic’s
cost, and exceed its performance. Footprint is rapidly expanding
into new categories with customized and patented solutions for
customers. Footprint’s products have already led to a global
redirection of millions of pounds of plastic waste from entering
the air, earth, and water working with leading global consumer
brands.
Footprint was founded in 2014 by former Intel engineers, Troy
Swope and Yoke Chung. The company employs more than 2,700
employees, with operations in the U.S., Mexicali, Europe, and Asia.
Footprint was named to the 2020 Fortune “Change the World” list in
2020, is a member of the World Economic Forum’s Global Innovators
Community and was named a CNBC Disruptor 50 company in 2021.
For more information on Footprint’s sustainable solutions visit
www.footprintus.com.
About Gores Holdings VIII, Inc.
Gores Holdings VIII (Nasdaq: GIIXU, GIIX and GIIXW) is a special
purpose acquisition company sponsored by an affiliate of The Gores
Group, LLC, founded by Alec Gores. Gores Holdings VIII completed
its initial public offering in March 2021, raising approximately
$345 million in cash proceeds for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Gores Holdings VIII’s strategy is to identify, acquire
and, after the initial business combination, to build a company in
an industry or sector that complements the experience of its
management team and can benefit from their operational
expertise.
About The Gores Group LLC
Founded in 1987, The Gores Group is a global investment firm
focused on partnering with differentiated businesses that can
benefit from the firm’s extensive industry knowledge and decades
long experience. To date, affiliates of The Gores Group have
announced or closed ten business combinations representing
approximately $58 billion in transaction value which include:
Hostess (Gores Holdings, Inc.), Verra Mobility (Gores Holdings II,
Inc.), PAE (Gores Holdings III, Inc.), Luminar (Gores Metropoulos,
Inc.), United Wholesale Mortgage (Gores Holdings IV, Inc.), Ardagh
Metal Packaging (Gores Holdings V, Inc.), Matterport (Gores
Holdings VI, Inc.), Sonder (Gores Metropoulos II, Inc.) and
Polestar (Gores Guggenheim). For more information, please visit
www.gores.com.
Forward-looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. When used in this press release, the words “could,”
“should,” “will,” “may,” “believe,” “anticipate,” “intend,”
“estimate,” “expect,” the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Such forward-looking statements are based on
current information and expectations, forecasts and assumptions,
and involve a number of judgments, risks and uncertainties.
Accordingly, forward-looking statements should not be relied upon
as representing Gores Holdings VIII’s views as of any subsequent
date, and Gores Holdings VIII does not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. You should not place
undue reliance on these forward-looking statements. As a result of
a number of known and unknown risks and uncertainties, actual
results or performance may be materially different from those
expressed or implied by these forward-looking statements.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of Gores Holdings VIII, including
those set forth in the “Risk Factors” in Gores Holdings VIII’s
Annual Report on Form 10-K for the year ended December 31, 2021 and
its subsequent reports filed with the Securities and Exchange
Commission (the “SEC”), from time to time. Copies of such filings
are available on the SEC’s website, www.sec.gov. Gores Holdings
VIII and its sponsor undertake no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
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For inquiries regarding The Gores Group and affiliates:
Jennifer Kwon Chou Managing Director The Gores Group +1 (310)
209-3010 jchou@gores.com Cassandra Bujarski/Danya Al-Qattan/Kevin
Siegel FGS Global GoresGroup-SVC@sardverb.com For inquiries
regarding Footprint: Robert Dekker VP Communications, Footprint
Robert.Dekker@footprintus.com +1 (480) 209-1064 Laura Zilverberg
Allison + Partners footprint@allisonpr.com +1 (612) 240-4034
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