Gores Holdings X, a blank check company formed by The Gores Group, withdrew its plans for an initial public offering on Thursday. It had filed in December 2021 to raise $725 million by offering 72.5 million units at $10, with each unit containing one share of common stock and one-fifth of a warrant.
The company was set to be 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 had planned 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, most recently February 2022 IPO Gores Holdings IX (GHIXU; -2% from $10 offer price); March 2021 IPOs Gores Technology Partners (GTPAU; -1%) and Gores Technology Partners II (GTPBU; -1%); and February 2021 IPO Gores Holdings VII (GSEVU; -1%).
The Boulder, CO-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol GTENU. Deutsche Bank, Citi, and Goldman Sachs were set to be the joint bookrunners on the deal.
