California private-equity group launches two new SPACs in Boulder

BOULDER — The Gores Group has begun selling shares in two new special-purpose acquisition companies as it seeks to raise a combined $640 million for the blank-check companies.

The private-equity giant began trading for Gores Technology Partners Inc. (Nasdaq: GTPAU) and Gores Technology Partners II Inc. (Nasdaq: GTPBU) Friday morning, with maximum proceeds from sales to the public capped at $240 million and $400 million respectively. 

Gores is based in Los Angeles, but has used its Boulder office to launch four different SPACs in the past several months totalling $2 billion in fundraising targets.

SPACs are shell companies that are listed on public exchanges and are later acquired by companies looking to go public outside of the normal procedures of an initial public offering. They do not require the private company to release an S-1 filing to the U.S. Securities and Exchange Commission with financial data.At the local level, the Boulder-based Foundry Group has launched its own $230 million SPAC to be acquired by a cloud-based consumer-facing technology company. In Loveland, Lightning eMotors Inc. is in the midst of completing a SPAC combination that would take it public and add up to $270 million in cash onto its balance sheet.

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