Latest news with #AlecGores
Business Wire
05-05-2025
- Business
- Business Wire
Gores Holdings X, Inc. Announces Closing of Upsized $358.8 Million Initial Public Offering and Full Exercise of Over-Allotment Option
BOULDER, Colo.--(BUSINESS WIRE)--Gores Holdings X, Inc. (the 'Company'), a blank check company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 35,880,000 units, which includes 4,680,000 units issued pursuant to the full exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $358,800,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. The Company's units began trading on the Nasdaq Global Market under the ticker symbol ' GTENU ' on May 2, 2025. Each unit consists of one Class A ordinary share and one-fourth of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Global Market under the ticker symbols ' GTEN ' and ' GTENW,' respectively. Santander US Capital Markets LLC is acting as the sole underwriter for the offering. The offering was made only by means of a prospectus, copies of which may be obtained from Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Attention: ECM Syndicate, by email at equity-syndicate@ or by telephone at 833-818-1602. A registration statement relating to the securities became effective on May 1, 2025, in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release contains statements that constitute 'forward-looking statements,' including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's offering filed with the Securities and Exchange Commission ('SEC'). Copies are available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Axios
30-04-2025
- Business
- Axios
SPACs thrive as most IPOs wither
SPACs are capital markets cockroaches, surviving and even thriving when most other offerings have withered. The big picture: April has been a very busy month for the blank-check biz, which many had forgotten about since its 2021 boom and subsequent bust. There have been 16 new SPAC IPO filings, including from market vets Alec Gores and Michael Klein, plus another 11 IPOs that priced. Nine new deSPAC transactions were announced, while Webull and two others closed. Zoom in: The simplest narrative is that SPACs are rushing in where traditional IPO issuers fear to tread. Yet that doesn't entirely track. Yes, lots of expected IPO issuers hit the brakes after "Liberation Day," but it's not like they were rushing to market in 2023 or 2024 — two years in which SPAC IPO volume was relatively light. Behind the scenes: Perhaps a larger factor is that the SPAC sponsors and investors seem to have finally worked through most of their 2021 and 2022 overhang, and are ready for new business. Remember, lots of institutional investors have SPAC allocations, given that it's more opportunity risk than principal risk (so long as someone's paying attention to redemption windows). There's also a growing belief that the valuation correction could foment new deal opportunities, and relief that some recent merger announcements have included recognizable names and sizable slabs of common stock financing. Finally, there are fewer worries about SEC enforcement. Yes, but: Bulge bracket banks are mostly sitting on the sidelines.
