Gores is a special purpose acquisition company, or SPAC, a firm that raises money and goes public with the sole intention of buying another company instead of making its own products or services. Once the purchase is complete, the SPAC merges with the company it bought, and investors who bought the SPAC's stock become shareholders of the new company.
"We probably wouldn't do a normal IPO during this time, but given that you have with the SPAC structure even greater certainty around value," and the amount of capital you'll raise, "it definitely became a very attractive option," he said. The recent surge of reverse mergers, which also includes Virgin Galactic and DraftKings, has raised the stature of SPACs, which in the past were viewed as vehicles for "second-rate deals," Russell said. Gores was a particularly attractive choice for Luminar given its tech and automotive expertise.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside Citadel's remote summer internship at a luxury Wisconsin resort - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. $400/night they were putting these kids in a motel 6
Source: BusinessInsider - 🏆 729. / 51 Read more »
25-year-old sells high-school startup Luminar in a $3.4 billion deal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Dell CEO Michael Dell on second-quarter earnings resultsDell Technologies CEO Michael Dell joins 'Squawk on the Street' to discuss the surge in demand during the second-quarter as more people began working remotely as a result of the pandemic. Bought Inspiron Laptop August 23,delivery date October 14!!! I bought a Dell computer several years ago. It was a nightmare. I didnt work correctly out of the box. Getting it fixed was such an ordeal. Hours on hold only to get an outsourced CSR with no knowledge and a fake American name. Dont buy this garbage I also spent $400 on a dell monitor carlquintanilla . I think their products are good
Source: CNBC - 🏆 12. / 72 Read more »