Summary
This Form 8-K filing by GS Acquisition Holdings Corp. (which would later become Vertiv Holdings Co.) on June 18, 2018, reports on the consummation of its initial public offering (IPO) and a concurrent private placement of warrants. The IPO successfully raised $690 million by selling 69 million units at $10.00 per unit, with each unit comprising one share of Class A common stock and one-third of a redeemable warrant. The company also raised an additional $15.8 million through the private sale of 10,533,333 warrants to its sponsor, GS DC Sponsor I LLC, at $1.50 per warrant. A significant portion of the proceeds, totaling $690 million, including a deferred underwriting discount, has been placed in a trust account, indicating the funds are held for specific purposes, typically related to a future acquisition or business combination. Investors should note that GS Acquisition Holdings Corp. was a special purpose acquisition company (SPAC). The filing of the audited balance sheet as of June 12, 2018, serves as critical documentation of the capital raised and its initial placement. This event marks a significant milestone for the SPAC, signaling its readiness to pursue its stated objective of acquiring or merging with an operating company. The details provided offer transparency into the initial capitalization and the structure of the securities offered.
Key Highlights
- 1GS Acquisition Holdings Corp. completed its Initial Public Offering (IPO) on June 12, 2018, raising $690 million.
- 2The IPO involved the sale of 69,000,000 units at $10.00 per unit.
- 3Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.
- 4The company also completed a private placement of 10,533,333 warrants to its sponsor, GS DC Sponsor I LLC, for $15.8 million.
- 5A total of $690 million, including IPO proceeds and deferred underwriting discounts, has been placed in a U.S.-based trust account.
- 6An audited balance sheet as of June 12, 2018, reflecting these transactions, is included as an exhibit.