Gores Holdings X, a blank check company formed by The Gores Group, filed on Monday with the SEC to raise up to $725 million in an initial public offering.
The Boulder, CO-based company plans to raise $725 million by offering 72.5 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 midpoint of the proposed range, Gores Holdings X would command a market value of $906 million.
The company is led by Chairman Alec Gores, the founder and CEO of The Gores Group, 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 has been behind several other SPACs, including Gores Holdings IX (GHIXU), which filed concurrently with Gores Holdings X; Gores Technology Partners (GTPAU) and Gores Technology Partners II (GTPBU), which went public this past March; Gores Holdings VII (GSEVU), which went public this past February; Gores Holdings VI, which combined with software maker Matterport (MTTR; +114% from $10 offer price) this past July; and Gores Holdings V, which combined with Ardagh Metal Packaging (AMBP; -13%) this past August.
Gores Holdings X was founded in 2021 and plans to list on the Nasdaq under the symbol GTENU. Deutsche Bank, Citi, and Goldman Sachs are the joint bookrunners on the deal.
