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A special purpose acquisition company registered in Boulder and backed by private-equity giant The Gores Group has raised $345 million in its initial public offering.

In a statement Wednesday, the Group said the SPAC known as Gores Holdings VI Inc. (Nasdaq: GHVIU) raised the funds, including $45 million from over-allotment sales. Those funds do not include deductions from underwriting discounts, commissions and other expenses.

The Gores Group is based in Los Angeles but has a satellite office in Boulder. It currently claims to have invested more than $4 billion in equity to target companies over 30 years.

SPACs are shell companies that are listed on public exchanges and are later acquired by companies looking to go public outside of the normal procedures of an initial public offering. They do not require the private company to release an S-1 filing to the U.S. Securities and Exchange Commission with financial data.

The financial instrument has been particularly popular in 2020 as investors searched for alternative investments that are somewhat insulated from stock and bond volatility induced by the pandemic.

At the local level, electric-vehicle maker Lightning eMotors Inc. is in the middle of going public on the New York Stock Exchange using a SPAC. The deal could add $270 million in cash to the company’s books.

Crucible Acquisition Corp. (NYSE: CRU.U), a Boulder-based SPAC backed by Foundry Group partner Brad Feld, raised just more than $265.92 million upon the close of its initial public offering last week. That SPAC is expected to be acquired by a cloud-base software company seeking to go public.

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