Summary
This 8-K filing from GS Acquisition Holdings Corp (which would later become Vertiv Holdings Co, though this is not explicitly stated in this document, it is the context of the request) announces the consummation of its Initial Public Offering (IPO) on June 6, 2018. The company successfully offered 69,000,000 units at $10.00 per unit, generating gross proceeds of $690 million. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant. Additionally, the company completed a private placement of 10,533,333 warrants to its sponsor, GS DC Sponsor I LLC, for $1.50 each, raising an additional $15.8 million. These private placement warrants have certain transfer and redemption restrictions. The majority of the IPO and private placement proceeds, totaling $690 million, have been placed into a trust account and will be released only upon the completion of an initial business combination or other specific events outlined in the filing.
Key Highlights
- 1GS Acquisition Holdings Corp completed its IPO on June 6, 2018, raising $690 million from the sale of 69 million units.
- 2Each IPO unit consisted of one Class A common share and one-third of a redeemable warrant, priced at $10.00 per unit.
- 3A private placement of 10.53 million warrants was conducted with the sponsor, GS DC Sponsor I LLC, raising $15.8 million.
- 4The sponsor's private placement warrants have specific transfer restrictions and are not redeemable by the company while held by the sponsor.
- 5A substantial amount of $690 million, derived from the IPO and private placement, has been deposited into a trust account.
- 6Funds in the trust account are earmarked for future use, primarily for the company's initial business combination, and will not be released otherwise, except for specific permitted uses.
- 7The company has entered into various agreements related to the IPO, including underwriting, warrant, trust, registration rights, and administrative services agreements.