Gores Holdings X, a blank check company formed by The Gores Group, raised $312 million by offering 31.2 million units at $10. The company offered 5.2 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by Chairman Alec Gores, the founder and CEO of The Gores Group, and CEO Mark Stone, a Senior Managing Director of The Gores Group. The SPAC plans to target a wide array of industries, including industrials, technology, telecom, media and entertainment, business services, healthcare, and consumer products.
The Gores Group has been behind multiple previous SPACs, as sole or joint sponsor. Some of the most recent de-SPACs include Polestar (Nasdaq: PSNY; -90% from $10 offer price) in June 2022, and Sonder (Nasdaq: SOND; -99%) in January 2022. Several of The Gores Group's SPACs have liquidated (including GHIXU, GTPAU, GTPBU, GIIX, GSEVU).
Gores Holdings X plans to list on the Nasdaq under the symbol GTENU. Santander acted as sole bookrunner on the deal.
