Gores Holdings IV announced in an 8-K filing today that shareholders voted in favor of the business combination with United Wholesale Mortgage. The combined companies are expected to have an enterprise value of $16.1 billion, making this the largest SPAC deal to-date.
United Wholesale Mortgage intends to pay an annual dividend of 40 cents per share on completion of the pending business combination.
All told, more than 32 million shares were voted in favor of the combination, with 52,211 shares voting against the deal.
The SPAC also said in the filing that 20,795 shares of Class A Stock were presented for redemption at $10.01 per share. The redemptions at that price point seem curious since Gores IV shares opened on the Nasdaq the day of the vote at $12.44 and investors could have made more money cashing out through the market instead of redeeming their shares. Read more.
