Gores Holdings IX Hit Hard by Redemptions as Shareholders Approve 11-Month Extension

The Gores Group

Gores Holdings IX in an 8-K said shareholders voted in favor of extending the SPAC’s deadline to Dec. 6, although redemptions wiped out about 89% of the cash in trust.

Stock redemptions totalling about $492.3 million will leave approximately $63.8 million in trust, according to the filing.

Gores IX originally raised $525 million in an IPO two years ago.

Led by Chairman Alec Gores, the SPAC is working to leverage management’s experience in industrials, technology, telecommunications, media and entertainment, business services, healthcare and consumer products for a potential acquisition. Read more.

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