Submitted by Gores Holdings VIII, Inc.
According to Section 425 of the Securities Act of 1933
And deemed to be submitted in accordance with Rule 14a-12
According to the Securities Exchange Act of 1934
Target company: Gores Holdings VIII, Inc.
Gore Holdings 8 / Footprint-Draft of Announcement Conference Call
Eric Hacker, Managing Director of Deutsche Bank
Alec Gores, Chairman of Gores Holdings VIII
Mark Stone, CEO of Gores Holdings VIII
Footprint CEO Troy Swope
Brad Lukow, CFO of Footprint
Introduction (Eric Hackel, Managing Director of Deutsche Bank)
Good morning everyone-this is Eric Hackel from Deutsche Bank. Thank you for joining our announcement call today. We are pleased to announce the de-SPAC business merger between Gores Holdings VIII and Footprint. Before we begin, I would like to remind everyone that our remarks contain forward-looking statements. Please refer to the publicly submitted investor presentation to discuss these forward-looking statements and related risks in detail. With this, I would like to introduce today’s speakers-from Gore Holdings VIII, we have Chairman Alec Gore and CEO Maxstone, and Footprint's co-founders and CEOs Troy Swop and Bra Dluco, Chief Financial Officer of Footprint. I will now transfer our meeting to Alec for some opening remarks.
Opening speech (Alec Gores, Chairman of Gores Holdings VIII)
Thank you, Eric, and good morning everyone. First of all, I want to thank you for joining us today. We are very happy to share with you the proposed business combination between Gores Holdings VIII and Footprint.
In February, we set out to find a partner with compelling growth prospects, a high-quality management team, and an attractive valuation, and we believe that we have achieved this through Footprint. This transaction represents the tenth de-SPAC business merger of the Gores platform, and we believe this is an excellent opportunity to cooperate with leading companies.
Footprint is a truly revolutionary business that provides the only plastic-free solution with extended barrier properties to replace hard plastic. Footprint’s compelling value proposition enables customers to achieve sustainability goals through cost-neutral, revenue-increasing products. The company will benefit from the large and growing TAM, and with many tailwinds, we look forward to working with their innovative and execution-oriented management team.
We believe that Footprint will become one of the most exciting and successful disruptors in this field, and we are happy to be part of this story. This transaction is in line with our track record of working with innovative companies focused on ESG, and we are confident to help Footprint achieve its long-term goals.
Now, I want to hand over the presentation to our CEO Mark Stone to provide more detailed information on the terms of the deal and investment highlights. Transaction Highlights (Mark Stone, CEO of Gores Holdings VIII) Thank you, Alec. For those who saw the press release this morning, we submitted a detailed investor profile that provides a comprehensive overview of the footprint and the proposed transaction. We believe that footprint represents a highly differentiated and compelling investment opportunity for several key reasons. First of all, Footprint has developed a series of plant-based technologies. These technologies are equivalent to plastics in all key standards. They have solved a major environmental crisis and have aroused strong demand from Fortune 100 companies, which are eager to seek solutions. To achieve its sustainable development goals. Second, Footprint's products have participated in the ever-growing TAM of more than 30 billion U.S. dollars, and are driven by corporate sustainability measures, increasingly stringent regulations, and environmentally conscious end consumers. Third, the company has a first-mover advantage driven by process technology, process knowledge and intellectual property rights, which has enabled it to lead the competition for many years. Fourth, Footprint provides a compelling value proposition that allows its consumers to achieve sustainable development goals through cost-neutral products, thereby obtaining incremental revenue growth from environmentally conscious end users. Finally, the company signed a large number of acceptance or payment contracts with blue chip food, beverage and consumer products companies. Therefore, by 2023, Footprint has sold out, with annual revenue of more than 500 million U.S. dollars. Footprint is led by an impressive, innovative, entrepreneurial, and execution-focused management team, many of whom have developed breakthrough material science improvements during the Intel collaboration and have received the support of a world-class board of directors. We are confident in the management team's ability to execute their vision for the future of Footprint. Now, I will hand it over to Troy Swope, the co-founder and CEO of Footprint, to introduce you to this business in detail. Business overview (Troy Swope, Footprint CEO) Thank you, Mark. I am very happy to share the story of the footprint with you today. I think it’s important to understand the origin story before we learn more about who Footprint is and where we are going: where Footprint, core team members, and technology come from. Briefly introduce myself-I am Troy Swope, I am the co-founder and CEO of Footprint. I have worked at Intel for 15 years, mainly in research and development. For the past 8 years, I have worked at Intel and ran a materials department. One of the problems we encountered at Intel was the contamination of Intel products, mainly due to transportation. When we investigated the source of the contamination, we determined that it came from plastic outgassing. Therefore, the very expensive single-use plastic items we use to ship products from global supplier Intel factories release gas in our products and cause pollution. Therefore, Intel had to clean the product. When we investigated this, I started to consider all food stored in plastic. This is just curious, I am a curious engineer, "Do we see the same level of contamination in food", the storage time is actually much longer than the storage time of Intel products, and "Is it, you know, it is the same Is there any danger?". So I started bringing food into Intel facilities, and I
Now, I want to hand over the presentation to our CEO Mark Stone to provide more detailed information on the terms of the deal and investment highlights.
Transaction Highlights (Mark Stone, CEO of Gores Holdings VIII)
Thank you, Alec. For those who saw the press release this morning, we submitted a detailed investor profile that provides a comprehensive overview of the footprint and the proposed transaction.
We believe that footprint represents a highly differentiated and compelling investment opportunity for several key reasons.
First of all, Footprint has developed a series of plant-based technologies. These technologies are equivalent to plastics in all key standards. They have solved a major environmental crisis and have aroused strong demand from Fortune 100 companies, which are eager to seek solutions. To achieve its sustainable development goals. Second, Footprint's products have participated in the ever-growing TAM of more than 30 billion U.S. dollars, and are driven by corporate sustainability measures, increasingly stringent regulations, and environmentally conscious end consumers. Third, the company has a first-mover advantage driven by process technology, process knowledge and intellectual property rights, which has enabled it to lead the competition for many years. Fourth, Footprint provides a compelling value proposition that allows its consumers to achieve sustainable development goals through cost-neutral products, thereby obtaining incremental revenue growth from environmentally conscious end users. Finally, the company signed a large number of acceptance or payment contracts with blue chip food, beverage and consumer products companies. Therefore, by 2023, Footprint has sold out, with annual revenue of more than 500 million U.S. dollars.
Footprint is led by an impressive, innovative, entrepreneurial, and execution-focused management team, many of whom have developed breakthrough material science improvements during the Intel collaboration and have received the support of a world-class board of directors. We are confident in the management team's ability to execute their vision for the future of Footprint.
Now, I will hand it over to Troy Swope, the co-founder and CEO of Footprint, to introduce you to this business in detail.
Business overview (Troy Swope, CEO of Footprint)
Thank you, Mark. I am very happy to share the story of the footprint with you today. I think it’s important to understand the origin story before we learn more about who Footprint is and where we are going: where Footprint, core team members, and technology come from. Briefly introduce myself-I am Troy Swope, I am the co-founder and CEO of Footprint. I have worked at Intel for 15 years, mainly in research and development. For the past 8 years, I have worked at Intel and ran a materials department. One of the problems we encountered at Intel was the contamination of Intel products, mainly due to transportation. When we investigated the source of the contamination, we determined that it came from plastic outgassing. Therefore, the very expensive single-use plastic items we use to ship products from global supplier Intel factories release gas in our products and cause pollution. Therefore, Intel had to clean the product.
When we investigated this, I started to consider all food stored in plastic. This is just curious, I am a curious engineer, "Do we see the same level of contamination in food", the storage time is actually much longer than the storage time of Intel products, and "Is it, you know, it is the same Is there any danger?". So I started bringing food into Intel facilities, and I
I laughed, because this may be a big no-no, I just started to understand, uh, you know, whether this is the same level of pollution. We were really shocked to see that chopped fruit, macaroni and cheese, everything you can think of stored in plastic is very, very highly contaminated. Therefore, the plastic pollution we see on Intel products is much higher in food. So, this is really an aha moment. Therefore, I hired a group of very smart engineers and scientists from Intel, and described a vision that we will get rid of plastics, keep plastics away from food, and at the same time build a company focused on creating a healthier planet. Therefore, today's Footprint is a substitute for our leading technology and extended shelf life. Therefore, plastic packaging has been very successful in providing food protection and extending shelf life. It can store food for a long time. If the pollution is eliminated, it will do a good job, and the cost is very, very low. Therefore, when Footprint considers replacing plastics, we are concerned about whether we can meet the shelf life requirements and whether we can achieve the cost targets that plastics get today. Therefore, we started from day one to develop an alternative that is healthier for the planet, healthier for humans, and at a very competitive cost. So where are we-we have a transformative technology that is available in almost every supermarket in the country, and in many parts of Europe, it provides shelf-stable items such as dairy products, frozen foods, macaroni and cheese As a solution to extend the shelf life, it is very very cost-competitive. But we will also provide assistance in transforming the waste stream. Today’s waste stream is mainly built around plastic, which is very difficult to manage as a major waste. Therefore, as we transform the waste stream, Footprint will be committed to helping municipalities and our customers solve the future of waste, helping to develop household composting technology, industrial composting technology, and guiding our customers to understand the future of waste. Another logical step for Footprint is that we have the building blocks and technology to transform the supermarket. Therefore, when you think about it, it means developing technologies for bottles, shampoo bottles, detergent bottles, beverage containers, as well as technologies for diapers and meat tray pads, everything. Where plastic is a disaster today, Footprint has building blocks and a wayfinding team focused on changing the technology. Therefore, in this plastic disaster, the last area Footprint will enter is clean-up work. There is a real opportunity on the plastic mountain. For example, in Shenzhen, China, we can use the hydrogen and carbon captured in the plastic and effectively release it to support substances such as graphene, which may ultimately be important for electric vehicles and help the entire clean-up work to create something for the planet. The value of something very very influential. Therefore, if you are thinking about who Footprint is, this unique group of engineers and scientists, this unique group of coating technology, process technology-Footprint is very similar to 3M, which focuses on creating a healthier earth and its unique engineering skills. A set of laws and disciplines based on laws, technology needs to double every two years. At Footprint, we use the paranoia that we must constantly improve. We must continue to help our customers create innovative technologies in the plastic disaster. So, we began to think about what technologies we should develop to eliminate plastics and help the planet. We started to think about some things. When we started to study PHA and PLA, we first started, we couldn't really understand life cycle analysis, water use, how our customers will sell this solution, and how it affects their brand. One of our opportunities is to spend some time in the distribution centers of large retailers. When we were exploring their problems and their ESG goals and strategies, we finally found a mountain of waste, mainly corrugated paper waste, which is retail distribution. The center is a huge opportunity. The core of Footprint’s technology used today is
I laughed, because this may be a big no-no, I just started to understand, uh, you know, whether this is the same level of pollution. We were really shocked to see that chopped fruit, macaroni and cheese, everything you can think of stored in plastic is very, very highly contaminated. Therefore, the plastic pollution we see on Intel products is much higher in food.
So, this is really an aha moment. Therefore, I hired a group of very smart engineers and scientists from Intel, and described a vision that we will get rid of plastics, keep plastics away from food, and at the same time build a company focused on creating a healthier planet. Therefore, today's Footprint is a substitute for our leading technology and extended shelf life. Therefore, plastic packaging has been very successful in providing food protection and extending shelf life. It can store food for a long time. If the pollution is eliminated, it will do a good job, and the cost is very, very low. Therefore, when Footprint considers replacing plastics, we are concerned about whether we can meet the shelf life requirements and whether we can achieve the cost targets that plastics get today. Therefore, we started from day one to develop an alternative that is healthier for the planet, healthier for humans, and at a very competitive cost.
So where are we-we have a transformative technology that is available in almost every supermarket in the country, and in many parts of Europe, it provides shelf-stable items such as dairy products, frozen foods, macaroni and cheese As a solution to extend the shelf life, it is very very cost-competitive. But we will also provide assistance in transforming the waste stream. Today’s waste stream is mainly built around plastic, which is very difficult to manage as a major waste. Therefore, as we transform the waste stream, Footprint will be committed to helping municipalities and our customers solve the future of waste, helping to develop household composting technology, industrial composting technology, and guiding our customers to understand the future of waste.
Another logical step for Footprint is that we have the building blocks and technology to transform the supermarket. Therefore, when you think about it, it means developing technologies for bottles, shampoo bottles, detergent bottles, beverage containers, as well as technologies for diapers and meat tray pads, everything. Where plastic is a disaster today, Footprint has building blocks and a wayfinding team focused on changing the technology.
Therefore, in this plastic disaster, the last area Footprint will enter is clean-up work. There is a real opportunity on the plastic mountain. For example, in Shenzhen, China, we can use the hydrogen and carbon captured in the plastic and effectively release it to support substances such as graphene, which may ultimately be important for electric vehicles and help the entire clean-up work to create something for the planet. The value of something very very influential. Therefore, if you are thinking about who Footprint is, this unique group of engineers and scientists, this unique group of coating technology, process technology-Footprint is very similar to 3M, which focuses on creating a healthier earth and its unique engineering skills. A set of laws and disciplines based on laws, technology needs to double every two years. At Footprint, we use the paranoia that we must constantly improve. We must continue to help our customers create innovative technologies in the plastic disaster.
So, we began to think about what technologies we should develop to eliminate plastics and help the planet. We started to think about some things. When we started to study PHA and PLA, we first started, we couldn't really understand life cycle analysis, water use, how our customers will sell this solution, and how it affects their brand. One of our opportunities is to spend some time in the distribution centers of large retailers. When we were exploring their problems and their ESG goals and strategies, we finally found a mountain of waste, mainly corrugated paper waste, which is retail distribution. The center is a huge opportunity. The core of Footprint’s technology used today is
You can see the building blocks of recycling containers or corrugated boxes everywhere. Therefore, in many cases, we use corrugated boxes. So this is very daunting-there is no evidence on earth that anyone can use corrugated boxes and make them work effectively, compete with plastic in performance, compete with plastic in price, and still maintain the attributes of corrugated boxes. They Yes: Biodegradable, compostable, and one of the most recycled components on the planet. But we finally feel that if we can use these waste products or components of waste products, we must find the best solution for the planet. So where we are today-we launched our first frozen food container in 2017, using corrugated cardboard building blocks, and we saw a 71% reduction in CO2 emissions and a 59% reduction in energy, which is the most important one of. The exciting thing is that our customers have seen a 24% increase in sales. This is indeed the cornerstone and key technology in the innovation that we use to create multiple platforms and create a supermarket transformation vision. Therefore, when we consider building blocks and the use of corrugated boxes for conversion, or the waste of corrugated boxes to transform and transform the world to get rid of traditional plastics, Footprint begins to consider whether we are just a paint supplier and develop key coating technologies and chemicals to make Fiberboard (traditional plastic lined fiberboard) becomes the customer's final solution. Moreover, we found that the ultimate value proposition, the impact on the planet is not what we want. Therefore, we know that we not only need to control the coating technology, but also the basic fiber composition in order to provide customers with performance and price as well as the ultimate value proposition for the impact on the planet. But in order for us to do this at Footprint, we not only own the intellectual property rights around the refining and wet-end process of molding technology and tools-we have also developed a direct printing technology to reduce the cost of eliminating labels for customers. In addition, for items such as macaroni and cheese, we have intellectual property rights related to direct printing technology. In addition, as I mentioned before, we have developed our own coating technology. Each platform we develop has a unique coating technology, which I will discuss in the future. Then we also, in some cases, developed laser die cutting and high-speed laser die cutting to allow customers to eliminate plastic. Again, Footprint owns the intellectual property rights surrounding each of these steps, but in the end the strategy here is that we feel that we must control the entire ecosystem to control the value proposition to customers. Today's Footprint technology-we have delivered more than 700 million units in 2021, competing with plastics in the market and in performance and price. We designed everything from the beginning to have a global impact, and we knew that to do so, we had to compete on price. Therefore, when you consider Footprint’s backlog of orders, the opportunity lies in how we work with customers and how do we determine who we will work with? The first is our qualification process. Therefore, in many ways, Footprint spends more time on qualifying customers than customers spend on determining whether Footprint’s products are suitable for them. One of the reasons we do this is that we have very limited technical resources. . We want to ensure that the brand is consistent with our value proposition and the value of the brand. So, tell our customers, I will give you an example of Conagra. They have a vision long before anyone we work with, that millennials do not want to use microwaves to heat plastics in the future, or almost everyone does not want to use microwaves to heat plastics. Therefore, we know that their values and their needs are consistent with our value propositions, so we quickly shifted from their qualifications to development. As customers move from qualification certification to development, usually we will complete the technical target specification. We usually adopt this technical target specification, which includes what the product needs to do, what price the product needs to reach, and when we plan to launch the product
You can see the building blocks of recycling containers or corrugated boxes everywhere. Therefore, in many cases, we use corrugated boxes. So this is very daunting-there is no evidence on earth that anyone can use corrugated boxes and make them work effectively, compete with plastic in performance, compete with plastic in price, and still maintain the attributes of corrugated boxes. They Yes: Biodegradable, compostable, and one of the most recycled components on the planet. But we finally feel that if we can use these waste products or components of waste products, we must find the best solution for the planet.
So where we are today-we launched our first frozen food container in 2017, using corrugated cardboard building blocks, and we saw a 71% reduction in CO2 emissions and a 59% reduction in energy, which is the most important one of. The exciting thing is that our customers have seen a 24% increase in sales. This is indeed the cornerstone and key technology in the innovation that we use to create multiple platforms and create a supermarket transformation vision.
Therefore, when we consider building blocks and the use of corrugated boxes for conversion, or the waste of corrugated boxes to transform and transform the world to get rid of traditional plastics, Footprint begins to consider whether we are just a paint supplier and develop key coating technologies and chemicals to make Fiberboard (traditional plastic lined fiberboard) becomes the customer's final solution. Moreover, we found that the ultimate value proposition, the impact on the planet is not what we want. Therefore, we know that we not only need to control the coating technology, but also the basic fiber composition in order to provide customers with performance and price as well as the ultimate value proposition for the impact on the planet.
But in order for us to do this at Footprint, we not only own the intellectual property rights around the refining and wet-end process of molding technology and tools-we have also developed a direct printing technology to reduce the cost of eliminating labels for customers. In addition, for items such as macaroni and cheese, we have intellectual property rights related to direct printing technology. In addition, as I mentioned before, we have developed our own coating technology. Each platform we develop has a unique coating technology, which I will discuss in the future. Then we also, in some cases, developed laser die cutting and high-speed laser die cutting to allow customers to eliminate plastic.
Again, Footprint owns the intellectual property rights surrounding each of these steps, but in the end the strategy here is that we feel that we must control the entire ecosystem to control the value proposition to customers. Today's Footprint technology-we have delivered more than 700 million units in 2021, competing with plastics in the market and in performance and price. We designed everything from the beginning to have a global impact, and we knew that to do so, we had to compete on price.
Therefore, when you consider Footprint’s backlog of orders, the opportunity lies in how we work with customers and how do we determine who we will work with? The first is our qualification process. Therefore, in many ways, Footprint spends more time on qualifying customers than customers spend on determining whether Footprint’s products are suitable for them. One of the reasons we do this is that we have very limited technical resources. . We want to ensure that the brand is consistent with our value proposition and the value of the brand. So, tell our customers, I will give you an example of Conagra. They have a vision long before anyone we work with, that millennials do not want to use microwaves to heat plastics in the future, or almost everyone does not want to use microwaves to heat plastics. Therefore, we know that their values and their needs are consistent with our value propositions, so we quickly shifted from their qualifications to development. As customers move from qualification certification to development, usually we will complete the technical target specification. We usually adopt this technical target specification, which includes what the product needs to do, what price the product needs to reach, and when we plan to launch the product
Products, we are consistent with customers. We usually receive a purchase order for a prototype to begin to prove that the technology meets the shelf life requirements, has the correct color, and the correct print, no matter what product the customer ultimately needs to launch. Ultimately, once we prove that the technology works with customer development (usually about 6 to 9 months), the customer will make a promise to us on the release date, so we can get annual revenue through the contract. So today, Footprint’s annual revenue exceeds $4 billion, many of which come from our existing customers who are continuing to expand our technology. In the end, you may come to the conclusion that footprints have a very obvious advantage in a certain area, and the earth is very aware of the disasters brought about by plastics. Therefore, we have a huge demand and a huge technological advantage. The question that often arises now is can you execute and deliver? I will reiterate and make sure that people understand that Footprint does not require technological leaps in materials science or process technology to execute our financial roadmap to 2025. We need to continue to expand and deliver the technologies and products we have to our customers today. If you want to ask our customers any questions about Footprint, the most common answer you will get is that Footprint needs to go faster, and we are going faster. So today, our technology, or our main focus on expanding operations, revolves around building teams. Seven months ago, we added Josh Walden, a 38-year-old Intel veteran, to build factories for Intel around the world and joined our team. He is leading our efforts to expand what Mexico and Poland are today. We are installing our new technology, which is a key constraint on our future revenue. We installed it three times faster than we financially expected. The output of these new technologies is 14% to 18% ahead of schedule, and the energy consumption is about 20% to 25% lower than our financial expectations. Therefore, we are very satisfied with the conservative method of revenue forecasting, the key to our footprint, and our implementation of changing the planet, as well as the execution and operation of the company recognized as having the greatest environmental impact on the planet. We are very satisfied with what we are doing and how we are expanding. We are currently ahead of schedule, so I will pass it on to Brad to provide some key figures and details. Financial overview (Brad Lukow, Footprint CFO) Thank you very much, Troy. I will review some of the main highlights of our financial plan. Our revenue forecast is supported by our plan to expand manufacturing capacity by installing additional production lines and the products we will produce for specific customers at contract prices. The increase in production capacity by 2025 will bring year-end operating income of US$1.65 billion and EBITDA of US$465 million, with a profit margin of approximately 28%. By 2025, our cumulative capital expenditure of US$1.8 billion will be used to purchase additional production lines to increase production capacity and expand our facilities. In 2022, we will operate outside of the expanded manufacturing facility in Mexico and will open a sales and prototyping center in the Netherlands to accelerate revenue growth. In addition, we plan to open a manufacturing plant in Poland in 2023 to meet the huge needs of our European customer base. Speaking of revenue growth, by 2021, we will achieve $50 million in revenue. As revenue climbs to nearly US$1.5 billion in 2025, our revenue growth trajectory will greatly exceed industry peers. Our future revenue growth depends on the fact that by the end of this year, our annual contract revenue will exceed 580 million U.S. dollars. The global TAM of our current clients exceeds USD 1 billion. We expect the long-term revenue of our manufacturing plants in Mexico and Europe to exceed US$2 billion.
Products, we are consistent with customers. We usually receive a purchase order for a prototype to begin to prove that the technology meets the shelf life requirements, has the correct color, and the correct print, no matter what product the customer ultimately needs to launch. Ultimately, once we prove that the technology works with customer development (usually about 6 to 9 months), the customer will make a promise to us on the release date, so we can get annual revenue through the contract.
So today, Footprint’s annual revenue exceeds $4 billion, many of which come from our existing customers who are continuing to expand our technology. In the end, you may come to the conclusion that footprints have a very obvious advantage in a certain area, and the earth is very aware of the disasters brought about by plastics. Therefore, we have a huge demand and a huge technological advantage. The question that often arises now is can you execute and deliver? I will reiterate and make sure that people understand that Footprint does not require technological leaps in materials science or process technology to execute our financial roadmap to 2025. We need to continue to expand and deliver the technologies and products we have to our customers today. If you want to ask our customers any questions about Footprint, the most common answer you will get is that Footprint needs to go faster, and we are going faster.
So today, our technology, or our main focus on expanding operations, revolves around building teams. Seven months ago, we added Josh Walden, a 38-year-old Intel veteran, to build factories for Intel around the world and joined our team. He is leading our efforts to expand what Mexico and Poland are today. We are installing our new technology, which is a key constraint on our future revenue. We installed it three times faster than we financially expected. The output of these new technologies is 14% to 18% ahead of schedule, and the energy consumption is about 20% to 25% lower than our financial expectations. Therefore, we are very satisfied with the conservative method of revenue forecasting, the key to our footprint, and our implementation of changing the planet, as well as the execution and operation of the company recognized as having the greatest environmental impact on the planet. We are very satisfied with what we are doing and how we are expanding. We are currently ahead of schedule, so I will pass it on to Brad to provide some key figures and details.
Financial overview (Brad Lukow, Chief Financial Officer, Footprint)
Thank you very much, Troy. I will review some of the main highlights of our financial plan. Our revenue forecast is supported by our plan to expand manufacturing capacity by installing additional production lines and the products we will produce for specific customers at contract prices.
The increase in production capacity by 2025 will bring year-end operating income of US$1.65 billion and EBITDA of US$465 million, with a profit margin of approximately 28%. By 2025, our cumulative capital expenditure of US$1.8 billion will be used to purchase additional production lines to increase production capacity and expand our facilities. In 2022, we will operate outside of the expanded manufacturing facility in Mexico and will open a sales and prototyping center in the Netherlands to accelerate revenue growth. In addition, we plan to open a manufacturing plant in Poland in 2023 to meet the huge needs of our European customer base.
Speaking of revenue growth, by 2021, we will achieve $50 million in revenue. As revenue climbs to nearly US$1.5 billion in 2025, our revenue growth trajectory will greatly exceed industry peers. Our future revenue growth depends on the fact that by the end of this year, our annual contract revenue will exceed 580 million U.S. dollars. The global TAM of our current clients exceeds USD 1 billion. We expect the long-term revenue of our manufacturing plants in Mexico and Europe to exceed US$2 billion.
From a profit margin perspective, there are several key factors that will drive the profit margin expansion during the forecast period. First, we plan to use more and more low-cost recycled fiber combinations in the production process to replace higher-cost virgin fibers. Secondly, we will improve the efficiency of primary and secondary manufacturing processes through the use of automation technology, eliminating many manual processes that exist today. In addition, as we significantly increase revenue, we will increasingly use indirect costs to promote the expansion of EBITDA margins. The investor presentation lists the key financial indicators related to our plan. As we deploy capital to expand production and execute our growth plan, our revenue compound annual growth rate will exceed 130% by 2025. Gross profit margin (excluding depreciation and amortization) is expected to increase to US$462 million, or 32% of revenue, and by 2025, EBITDA will be close to US$400 million or 26% of revenue. As we continue to install more production lines, we expect annual operating income to be close to US$740 million by 2023. We believe that we have formulated an inherently conservative revenue plan. Although our plan calls for achieving US$500 million in revenue in 2023, we see opportunities for further acceleration of growth, which may result in revenue of close to 700 million in 2023. Dollar. The rising income opportunities are based on a variety of factors. First, the basic plan assumes that it will take a full six months for each manufacturing system installed to reach 100% of the target output. Based on our experience so far, we expect to be able to cut the time to reach the target output by half. Next, we modeled the installation of 4 to 5 systems per month throughout the forecast period, up to 25 years, and our recent installation experience shows that we can complete installations of 7 to 9 systems per month. Third, we did not reflect any adjacent revenue opportunities related to the items we expect to sell to stadiums, as well as the additional demand we see for catering trays, straws, cutlery, and other related items; these are not included in our 2023 The income forecast for the year. Finally, I want to review the return on investment related to the manufacturing equipment we will deploy to drive revenue growth. The combined cost of a production system (including secondary manufacturing equipment such as printers, die-cutting machines, and spraying equipment) is approximately US$5.5 million. Each system will generate approximately $5 million in annual revenue. Once we achieve the target combination of recycled fiber and achieve the production efficiency I discussed earlier, we will generate a cash return of about 30%, which is equivalent to a payback period of just over three years. With this, let me transfer it back to Mark to review the transaction. mark? Transaction overview (Mark Stone, CEO of Gores Holdings VIII) Thank you. We disclosed Footprint to the public with a fully diluted enterprise value of US$1.6 billion, equivalent to 3.2 times the revenue multiple in 2023, and today's revenue has exceeded the full contraction. Gores Holdings VIII will bring total proceeds of US$806 million to the transaction, including US$345 million in trust cash and US$461 million in additional capital, including US$150 million in Class C priority financing, which will be provided after the announcement. Existing Footprint shareholders will own 62% of Footprint's shares after the transaction closes, of which 38% will be held by new public investors. The over-subscribed PIPE investment and Class C priority financing are based on the Koch strategic platform and include meaningful commitments from Gores Holdings VIII sponsors and their affiliates. 100% of the net income delivered in the transaction will go to Footprint's balance sheet to fund its business plan.
From a profit margin perspective, there are several key factors that will drive the profit margin expansion during the forecast period. First, we plan to use more and more low-cost recycled fiber combinations in the production process to replace higher-cost virgin fibers. Secondly, we will improve the efficiency of primary and secondary manufacturing processes through the use of automation technology, eliminating many manual processes that exist today. In addition, as we significantly increase revenue, we will increasingly use indirect costs to promote the expansion of EBITDA margins.
The investor presentation lists the key financial indicators related to our plan. As we deploy capital to expand production and execute our growth plan, our revenue compound annual growth rate will exceed 130% by 2025. Gross profit margin (excluding depreciation and amortization) is expected to increase to US$462 million, or 32% of revenue, and by 2025, EBITDA will be close to US$400 million or 26% of revenue. As we continue to install more production lines, we expect annual operating income to be close to US$740 million by 2023.
We believe that we have formulated an inherently conservative revenue plan. Although our plan calls for achieving US$500 million in revenue in 2023, we see opportunities for further acceleration of growth, which may result in revenue of close to 700 million in 2023. Dollar. The rising income opportunities are based on a variety of factors. First, the basic plan assumes that it will take a full six months for each manufacturing system installed to reach 100% of the target output. Based on our experience so far, we expect to be able to cut the time to reach the target output by half. Next, we modeled the installation of 4 to 5 systems per month throughout the forecast period, up to 25 years, and our recent installation experience shows that we can complete installations of 7 to 9 systems per month.
Third, we did not reflect any adjacent revenue opportunities related to the items we expect to sell to stadiums, as well as the additional demand we see for catering trays, straws, cutlery, and other related items; these are not included in our 2023 The income forecast for the year.
Finally, I want to review the return on investment related to the manufacturing equipment we will deploy to drive revenue growth. The combined cost of a production system (including secondary manufacturing equipment such as printers, die-cutting machines, and spraying equipment) is approximately US$5.5 million. Each system will generate approximately $5 million in annual revenue. Once we achieve the target combination of recycled fiber and achieve the production efficiency I discussed earlier, we will generate a cash return of about 30%, which is equivalent to a payback period of just over three years.
With this, let me transfer it back to Mark to review the transaction. mark?
Transaction overview (Mark Stone, CEO of Gores Holdings VIII)
thank you. We disclosed Footprint to the public with a fully diluted enterprise value of US$1.6 billion, equivalent to 3.2 times the revenue multiple in 2023, and today's revenue has exceeded the full contraction. Gores Holdings VIII will bring total proceeds of US$806 million to the transaction, including US$345 million in trust cash and US$461 million in additional capital, including US$150 million in Class C priority financing, which will be provided after the announcement. Existing Footprint shareholders will own 62% of Footprint's shares after the transaction closes, of which 38% will be held by new public investors.
The over-subscribed PIPE investment and Class C priority financing are based on the Koch strategic platform and include meaningful commitments from Gores Holdings VIII sponsors and their affiliates. 100% of the net income delivered in the transaction will go to Footprint's balance sheet to fund its business plan.
We have introduced Footprint to the market with an attractive entry valuation, providing investors with more than 100% upside, which is higher than the average estimated revenue multiple in 2023. Given that Footprint's revenue has exceeded its revenue forecast of $500 million in 2023, we believe that the company has enough room to exceed its forecast and achieve strong aftermarket trading performance. Please stay tuned that Gores Holdings VIII will submit a final power of attorney related to the SEC's proposed business combination, which will be mailed to all shareholders. The proxy statement will contain important information about the proposed business combination, which is subject to the approval of Gores Holdings VIII shareholders, and we expect the transaction to be completed in the first half of 2022. Thank you again for taking the time to listen to our story today. If you have any questions, please contact our transaction advisor. * * * * Forward-looking statements Certain statements in this report card ("transcript") may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, and are consistent with the Federal Securities Act regarding Gores The proposed business combination between Holdings VIII and Footprint, including a statement regarding the benefits of the proposed business combination, the expected time of the proposed business combination, the possibility and ability of both parties to successfully complete the proposed business combination and PIPE investment, due to shareholder redemption or other reasons , The amount of funds available in the trust account, the services provided by Footprint and the market operated by Footprint, business strategy, debt level, industry environment, potential growth opportunities, the impact of regulations and the future performance of Gores Holdings VIII or Footprint predicted. These forward-looking statements are usually composed of "believe", "forecast", "project", "potential", "expect", "anticipate", "estimate", "plan", "strategy", "future", "forecast", "Opportunity", "plan", "may", "should", "will", "will", "should", "will be", "will continue", "may produce" and similar expressions (including these Words or expressions in the negative form). Forward-looking statements are forecasts, forecasts and other statements about future events based on current expectations and assumptions, and are therefore subject to risks and uncertainties. Many factors may cause actual future events to be inconsistent with this document Material differences in the forward-looking statements in include, but are not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may cause an adverse effect on the price of Gores Holdings VIII securities; (ii) the proposed business combination The risk that the business combination of Gores Holdings VIII may not be completed before the business combination deadline of Gores Holdings VIII, and the possible failure if Gores Holdings VIII seeks to extend the business combination deadline; (iii) fails to meet the conditions for completing the proposed business combination and PIPE investment, Including that the proposed business combination was approved by the shareholders of Gore Holdings VIII, the shareholders who met the minimum trust account amount after the public redemption of Gore Holdings VIII, and received certain government and regulatory approvals; (iv) failed to obtain financing to complete the proposed proposal Business combinations, including the completion of PIPE investment, (v) the overall impact of the announcement or pending business combination of the proposed business combination on Footprint’s business relationships, performance and business; (vi) the risk of the proposed business combination disrupting existing businesses
We have introduced Footprint to the market with an attractive entry valuation, providing investors with more than 100% upside, which is higher than the average estimated revenue multiple in 2023. Given that Footprint's revenue has exceeded its revenue forecast of $500 million in 2023, we believe that the company has enough room to exceed its forecast and achieve strong aftermarket trading performance.
Please stay tuned that Gores Holdings VIII will submit a final power of attorney related to the SEC's proposed business combination, which will be mailed to all shareholders. The proxy statement will contain important information about the proposed business combination, which is subject to the approval of Gore Holdings VIII shareholders, and we expect the transaction to be completed in the first half of 2022.
Thank you again for taking the time today to listen to our story. If you have any questions, please contact our transaction advisor.
Certain statements in this report card ("Report Card") may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, and are consistent with the Federal Securities Law regarding the proposed business combination between Gore Holdings The meaning of VIII and footprint, including statements about the benefits of the proposed business combination, the expected time of the proposed business combination, the possibility and ability of both parties to successfully complete the proposed business combination and PIPE investment, and the amount of funds available for the combination due to shareholder redemption or other The trust account, the services provided by Footprint and the market operated by Footprint, business strategy, debt level, industry environment, potential growth opportunities, the impact of regulations, and the future results predicted by Gores Holdings VIII or Footprint. These forward-looking statements are usually composed of " Believe, "Forecast", "Project", "Potential", "Expect", "Expect", "Estimate", "Plan", "Strategy", "Future" "Forecast", "Opportunity", "Plan" , "May", "should", "will", "will", "should", "will be", "will continue", "may produce" and similar expressions (including the negative forms of these words or expressions) . Forward-looking statements are forecasts, forecasts and other statements about future events based on current expectations and assumptions, and are therefore subject to risks and uncertainties. Many factors may cause actual future events to be materially related to the forward-looking statements in this document. Differences, including but not limited to: (i) the risk that the proposed business combination may not be completed in time or at all, which may result in an adverse effect on the price of Gores Holdings VIII securities; (ii) the proposed business combination may not be available in Gores Holdings VIII’s business combination deadline is completed before the risk, and if Gores Holdings VIII seeks to extend the business combination deadline, it may fail; (iii) fail to meet the conditions for completing the proposed business combination and PIPE investment, including the proposed business combination to obtain Gore Approval by shareholders of controlling VIII, shareholders who met the minimum trust account amount after public redemption of Gore Holdings VIII and received approval from certain government and regulatory authorities; (iv) failed to obtain financing to complete the proposed business combination, including the completion of PIPE Investment, (v) the overall impact of the announcement or pending decision of the proposed business combination on Footprint’s business relations, performance and business; (vi) the risk of the proposed business combination disrupting existing businesses
Due to the proposed business combination, Footprint’s plans and potential difficulties in retaining employees at Footprint; (vii) the outcome of any legal proceedings that may be brought against Gores Holdings VIII or Footprint related to the merger agreement and plan or the proposed business combination; (viii) ) Changes to the proposed structure of the business combination that may be required or appropriate due to applicable laws or regulations or as a condition of obtaining regulatory approval for the business combination (ix) The ability to maintain Gore’s listing of Holdings VIII securities on Nasdaq; ( x) Gores Holdings VIII's securities prices, including fluctuations due to changes in the competitive and highly regulated industries that Footprint plans to operate, changes in performance among competitors, changes in laws and regulations affecting Footprint's business, and changes in consolidated capital Structure; (xi) The ability to implement business plans, forecasts and other expectations after the proposed business combination is completed, and the ability to identify and realize additional opportunities; (xii) Gores Holdings VIII Final Prospectus (Document No.: 333-252483) The other risks and uncertainties described in the sections entitled "Risk Factors" and "Notes on Forward-Looking Statements" are declared effective by the United States Securities and Exchange Commission ("SEC") on February 24, 2021. The above list of factors is not exhaustive. There may be additional risks that Gore Holdings VIII or Footprint currently does not know or that Gore Holdings VIII or Footprint currently considers to be insignificant. These risks may also cause actual results to differ from those contained in the forward-looking statements. You should carefully consider the above factors and other risks and uncertainties described in the final proxy statement that will be included in the registration statement (defined below) in Gores Holdings VIII, including the content under "risk factors" and other submitted by Gores The document holds eight shares with the US Securities and Exchange Commission from time to time. These documents identify and resolve other important risks and uncertainties that may cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements are only effective from the date they are made. Readers are cautioned not to rely too much on forward-looking statements. Gores Holdings VIII and Footprint assume no obligation and do not intend to update or modify these forward-looking statements unless required by law, whether due to new information, future events or otherwise. Neither Gores Holdings VIII nor Footprint guarantees that Gores Holdings VIII or Footprint will achieve their expectations. Forecasts This report card contains financial forecasts about Footprint's projected financial results (including revenue). Footprint’s independent auditors did not audit, review, compile, or perform any procedures for these forecasts to be included in this report card, and therefore, they did not comment on this or provide any other form of assurance. The purpose of this transcript. These forecasts should not be relied on as an inevitable indication of future results. The assumptions and estimates on which potential financial information is based are inherently uncertain and are subject to various major business, economic and competitive risks and uncertainties. These risks and uncertainties may cause actual results and expected financial information to contain There are major differences in the results. Therefore, there is no guarantee that the expected results will indicate the future performance of Footprint, or that the actual results will not differ materially from the results presented in the expected financial information. The inclusion of expected financial information in this report card should not be regarded as any person's representation that the results contained in the expected financial information will be achieved. Actual results may vary due to the completion of the process for the end of the financial reporting period, review adjustments, and other developments that may occur between now and the final determination of such financial information during the period. Therefore, these estimates are preliminary, may change and constitute forward-looking information, and are therefore subject to risks and uncertainties. Neither
Due to the proposed business combination, Footprint’s plans and potential difficulties in retaining employees at Footprint; (vii) the outcome of any legal proceedings that may be brought against Gores Holdings VIII or Footprint related to the merger agreement and plan or the proposed business combination; (viii) ) Changes to the proposed structure of the business combination that may be required or appropriate due to applicable laws or regulations or as a condition of obtaining regulatory approval for the business combination (ix) The ability to maintain Gore’s listing of Holdings VIII securities on Nasdaq; ( x) Gores Holdings VIII's securities prices, including fluctuations due to changes in the competitive and highly regulated industries that Footprint plans to operate, changes in performance among competitors, changes in laws and regulations affecting Footprint's business, and changes in consolidated capital Structure; (xi) The ability to implement business plans, forecasts and other expectations after the proposed business combination is completed, and the ability to identify and realize additional opportunities; (xii) Gores Holdings VIII Final Prospectus (Document No.: 333-252483) The other risks and uncertainties described in the sections entitled "Risk Factors" and "Notes on Forward-Looking Statements" are declared effective by the United States Securities and Exchange Commission ("SEC") on February 24, 2021. The above list of factors is not exhaustive. There may be additional risks that Gore Holdings VIII or Footprint currently does not know or that Gore Holdings VIII or Footprint currently considers to be insignificant. These risks may also cause actual results to differ from those contained in the forward-looking statements. You should carefully consider the above factors and other risks and uncertainties described in the final proxy statement that will be included in the registration statement (defined below) in Gores Holdings VIII, including the content under "risk factors" and other submitted by Gores The document holds eight shares with the US Securities and Exchange Commission from time to time. These documents identify and resolve other important risks and uncertainties that may cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements are only effective from the date they are made. Readers are cautioned not to rely too much on forward-looking statements. Gores Holdings VIII and Footprint assume no obligation and do not intend to update or modify these forward-looking statements unless required by law, whether due to new information, future events or otherwise. Neither Gores Holdings VIII nor Footprint guarantees that Gores Holdings VIII or Footprint will achieve their expectations.
The transcript contains financial projections about Footprint's projected financial results (including revenue). Footprint’s independent auditors did not audit, review, compile, or perform any procedures for these forecasts to be included in this report card, and therefore, they did not comment on this or provide any other form of assurance. The purpose of this transcript. These forecasts should not be relied on as an inevitable indication of future results. The assumptions and estimates on which potential financial information is based are inherently uncertain and are subject to various major business, economic and competitive risks and uncertainties. These risks and uncertainties may cause actual results and expected financial information to contain There are major differences in the results. Therefore, there is no guarantee that the expected results will indicate the future performance of Footprint, or that the actual results will not differ materially from the results presented in the expected financial information. The inclusion of expected financial information in this report card should not be regarded as any person's representation that the results contained in the expected financial information will be achieved.
Actual results may vary due to the completion of the process for the end of the financial reporting period, review adjustments, and other developments that may occur between now and the final determination of such financial information during the period. Therefore, these estimates are preliminary, may change and constitute forward-looking information, and are therefore subject to risks and uncertainties. Neither
Neither Footprint's nor Gores Holdings VIII's independent certified public accountants audited, reviewed or prepared, reviewed, or performed any procedures on the preliminary results, nor did they issue any opinions or any other form of assurance on the preliminary financial information. Regarding additional information about the proposed transaction and where to find it. Regarding the proposed business combination, Gores Holdings VIII intends to file a registration statement on Form S-4 ("Registration Statement"), which is expected to include the preliminary prospectus and preliminary Gores Holdings The power of attorney VIII. The final power of attorney/final prospectus and other relevant documents will be sent to all Gores Holdings VIII shareholders on the record date for voting on the proposed business combination and other matters that will be voted on at the meeting of Gores Holdings VIII. A general meeting of shareholders ("special meeting") to approve the proposed business merger and other matters. Gores Holdings VIII may also submit other documents regarding the proposed business combination to the US Securities and Exchange Commission. The final power of attorney/final prospectus will contain important information about the proposed business combination and other matters that will be voted on at the special meeting, and may contain information that investors consider important when making a decision on Gore Holdings VIII’s securities investment Information. Before making any voting decisions, we urge investors and securities holders of Gores Holdings VIII and other stakeholders to read the registration statement and proxy statement and all other and proposed documents that have been or will be submitted to the US Securities and Exchange Commission. Documents related to business combinations are available when they are available because they will contain important information about the proposed business combination. The final power of attorney/final prospectus will be mailed to the shareholders of Gores Holdings VIII on the record date established for the voting on the business combination. Investors and security holders will also be able to obtain free copies of the final power of attorney/final prospectus and all other related documents. Gores Holdings VIII submits or will submit to the US Securities and Exchange Commission through the website www.sec maintained by the US Securities and Exchange Commission . gov, or directly to Gores Holdings VIII, Inc., 6260 Lookout Road, Boulder, CO 80301, please note: Jennifer Kwon Chou or contact the attorney Morrow Sodali LLC of Gores Holdings VIII for help, toll free: 800) 662- 5200 (Banks and brokers can dial (203) 658-9400 for collect calls). Investment in any of the securities mentioned in this article has not been approved or rejected by the US Securities and Exchange Commission or any other regulatory agency, nor has any authority to approve or endorse the advantages or accuracy or accuracy of this issuance. Any statement to the contrary is a criminal offence. Participants in the solicitation of Gores Holdings VIII and Footprint and some of their respective directors and executive officers may be regarded as participating in the solicitation of powers of attorney from shareholders of Gores Holdings VIII regarding the proposed business combination. The list of directors and executive officers of Gores Holdings VIII and descriptions of their interests in Gores Holdings VIII are set out in Gores Holdings VIII’s documents filed with the US Securities and Exchange Commission (including Gores Holdings VIII’s final prospectus regarding its initial public offering) No. 333-252483) was declared effective by the US Securities and Exchange Commission on February 24, 2021). More information about the interests of these people and others who may be considered participants in the proposed business combination can be obtained by reading the registration statement regarding the proposed business combination (when it is available). Documents described in this paragraph
Neither Footprint's nor Gores Holdings VIII's independent certified public accountants audited, reviewed or prepared, reviewed, or performed any procedures on the preliminary results, nor did they issue any opinions or any other form of assurance on the preliminary financial information.
Additional information about the proposed transaction and where to find it
Regarding the proposed business combination, Gores Holdings VIII intends to submit a registration statement on Form S-4 ("Registration Statement"), which is expected to include Gores Holdings VIII's preliminary prospectus and preliminary power of attorney. The final power of attorney/final prospectus and other relevant documents will be sent to all Gores Holdings VIII shareholders on the record date for voting on the proposed business combination and other matters that will be voted on at the meeting of Gores Holdings VIII. A general meeting of shareholders ("special meeting") to approve the proposed business merger and other matters. Gores Holdings VIII may also submit other documents regarding the proposed business combination to the US Securities and Exchange Commission. The final power of attorney/final prospectus will contain important information about the proposed business combination and other matters that will be voted on at the special meeting, and may contain information that investors consider important when making a decision on Gore Holdings VIII’s securities investment Information. Before making any voting decisions, we urge investors and securities holders of Gores Holdings VIII and other stakeholders to read the registration statement and proxy statement and all other and proposed documents that have been or will be submitted to the US Securities and Exchange Commission. Documents related to business combinations are available when they are available because they will contain important information about the proposed business combination.
The final power of attorney/final prospectus will be mailed to the shareholders of Gores Holdings VIII on the record date established for the voting on the business combination. Investors and security holders will also be able to obtain free copies of the final power of attorney/final prospectus and all other related documents. Gores Holdings VIII submits or will submit to the US Securities and Exchange Commission through the website www.sec maintained by the US Securities and Exchange Commission . gov, or directly to Gores Holdings VIII, Inc., 6260 Lookout Road, Boulder, CO 80301, please note: Jennifer Kwon Chou or contact the attorney Morrow Sodali LLC of Gores Holdings VIII for help, toll free: 800) 662- 5200 (Banks and brokers can dial (203) 658-9400 for collect calls).
Investment in any of the securities mentioned in this article has not been approved or rejected by the US Securities and Exchange Commission or any other regulatory agency, nor has any authority to approve or endorse the advantages or accuracy or accuracy of this issuance. Any statement to the contrary is a criminal offence.
Gores Holdings VIII, Footprint and certain of their respective directors and executive officers may be deemed to have participated in soliciting power of attorneys from shareholders of Gores Holdings VIII regarding the proposed business combination. The list of directors and executive officers of Gores Holdings VIII and descriptions of their interests in Gores Holdings VIII are set out in Gores Holdings VIII’s documents filed with the US Securities and Exchange Commission (including Gores Holdings VIII’s final prospectus regarding its initial public offering) No. 333-252483) was declared effective by the US Securities and Exchange Commission on February 24, 2021). More information about the interests of these people and others who may be considered participants in the proposed business combination can be obtained by reading the registration statement regarding the proposed business combination (when it is available). Documents described in this paragraph
Available for free on the US Securities and Exchange Commission's website www.sec.gov, or send the request to Gores Holdings VIII, Inc., 6260 Lookout Rd., Boulder, CO 80301, please follow: Jennifer Kwon Chou. Other information about the names and interests of such participants will be included in the registration statement (if any) of the proposed business combination. The non-offer and non-solicited transcripts are not power of attorneys or power of attorneys, consents or authorizations for any securities or potential transactions, nor do they constitute an offer to sell or buy the securities of Gores Holdings VIII, Footprint, or the merged company, and shall not be based on Before the United States Securities Act was registered or qualified to sell any such securities in any state or jurisdiction where such offer, solicitation or sale is illegal. No securities offer shall be made unless a prospectus meeting the requirements of the 1933 Securities Act as amended is passed.
Available for free on the US Securities and Exchange Commission's website www.sec.gov, or send the request to Gores Holdings VIII, Inc., 6260 Lookout Rd., Boulder, CO 80301, please follow: Jennifer Kwon Chou. Other information about the names and interests of such participants will be included in the registration statement (if any) of the proposed business combination.
This transcript is not a power of attorney or power of attorney solicitation, consent or authorization for any securities or potential transactions, nor does it constitute a solicitation of an offer to sell or purchase securities of Gores Holding Company, Footprint or the merged company, nor in any The sale of any such securities by a state or jurisdiction, where such offers, solicitations, or sales are illegal under the securities laws of that state or jurisdiction, until it is registered or qualified. No securities offer shall be made unless a prospectus meeting the requirements of the 1933 Securities Act as amended is passed.
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