Plant fiber company Footprint to list on Nasdaq via SPAC

Plant fiber company Footprint is going public on the Nasdaq through Gores Holdings VIII, Inc.
's Special Purpose Acquisition Company (SPAC)
.

The two companies reached a definitive merger agreement on Tuesday and will eventually go public
.
After the transaction, the combined company will be renamed Footprint International and will be listed under the ticker symbol "FOOT
.
"

At the close of the proposed transaction, Footprint has an estimated enterprise value of $1.
6 billion
.
This equates to 3.
2 times estimated 2023 revenue
.

SPACs are typically a phenomenon primarily seen in the United States, where publicly traded blank-check companies use cash on hand to merge with target companies, while obtaining additional funding from private investments in public equity through other investors
.
When the merger is complete, the target company goes public
.

In the chemical sector, three other companies have used SPACs to go public: bio-based plastics and chemicals company Danimer Scientific, Origin Materials and plastic recycling company PureCycle Technologies
.

Footprint produces plant-based materials that can replace plastic as the company moves away from virgin plastic in order to meet sustainability goals
.
The company expects it can tap into the $325 billion annual sustainable materials market segment
.

Troy Swope, co-founder and CEO, said: "Our mission to create a healthier planet begins with designing, developing and manufacturing plant-based fiber solutions to replace single-use plastics
.
Going to market is our seven-year history.
An exciting turning point
in

The company has partnerships with consumer brands such as General Mills, Gillette, JBS Foods, Kraft, McDonald's, Sweetgreen, Procter & Gamble, Quaker, Walmart, and more
.