GPAC

General Purpose Acquisition Corp. (GPAC) operates as a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company, which completed its initial public offering in January 2021, raised approximately $345 million in gross proceeds. GPAC focuses on identifying target companies in the technology, media, and telecommunications sectors, though it maintains the flexibility to pursue opportunities across various industries. The company is sponsored by an affiliate of Gores Group, a global investment firm with extensive experience in acquisitions and operational improvements. GPAC's management team brings decades of combined experience in private equity, mergers and acquisitions, and corporate operations. As a blank check company, GPAC holds its IPO proceeds in a trust account while its management searches for a suitable acquisition target. The company typically has a limited timeframe, generally 18 to 24 months from its IPO date, to complete an initial business combination, after which it must return the trust funds to shareholders if no transaction is consummated. GPAC trades on the New York Stock Exchange and provides investors with an opportunity to participate in private equity-style acquisitions through publicly traded securities.