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Detroit Pistons owner and Platinum Equity Tom Gores stepped down from the Los Angeles County Museum of Art (LACMA) Board of Trustees on Thursday night, following pressure from activists over his investment firm’s ownership of a prison telephone company.

In 2017, Platinum Equity acquired Securus — a company that operates private telephone systems in all 50 states for more than a million prisoners. Gores’ involvement in the prison telecom industry has been met with criticism by various activists, and came to a head in September.

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Last month, two Civil Rights non-profit groups, Colors of Change and Worth Rises, penned a letter to the LACMA calling for Gores’ dismissal. The gesture spurred a second letter supporting Gores’ dismissal that was signed by more than 200 artists and art supporters, some of whom have ties to the museum.

“Today, the board of the Los Angeles County Museum of Art made it clear that there is no seat at the table for prison profiteers,” Rashad Robinson, president of Color Of Change, said in a statement. “Thanks to this coordinated campaign, Tom Gores was finally removed from LACMA’s Board of Trustees as a result of his dealings in the prison industry. As owner of Securus, Gores has exploited incarcerated people and their families — who are overwhelmingly Black and low-income — with exorbitant fees for prison phone calls. We applaud this resignation, but in order to truly see justice done, Congress must act and approve the Martha Wright

Gores Holdings VI, the sixth blank check company formed by The Gores Group, filed on Monday with the SEC to raise up to $300 million in an initial public offering.

The Boulder, CO-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Gores Holdings VI would command a market value of $375 million.

The company is led by Chairman Alec Gores, founder and CEO of The Gores Group in 1987, and CEO Mark Stone, who currently serves as a Senior Managing Director of The Gores Group. The SPAC plans to leverage its management’s experience to target a wide array of industries including industrials, technology, telecom, media and entertainment, business services, healthcare, and consumer products.

The Gores Group’s previous SPACs include Gores Holdings V (GRSVU; +2% from $10 offer price), which went public in August 2020; Gores Holdings IV (GHIV; +5%), which went public in January 2020; Gores Holdings III, which acquired government contractor PAE (PAE; -1%) in February 2020; Gores Holdings II, which acquired Verra Mobility (VRRM; +2%) in October 2018; and Gores Holdings, which acquired Hostess Brands (TWNK; +25%) in November 2016. While Gores Holdings VI is the sixth SPAC formed by The Gores Group alone, the group also co-sponsored January 2019 IPO Gores Metropoulos (GMHI; +8%) with dealmaker Dean Metropoulos, which recently announced a merger agreement with driverless car startup Luminar Technologies.

Gores Holdings VI was founded in 2020 and plans to list on the Nasdaq under the symbol GHVIU. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal. 

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