Corporate ActionJun 24, 2026, 05:22 PM
Gores Holdings XI Closes $358.8M IPO, Full Over-Allotment Exercised
AI Summary
Gores Holdings XI, Inc. announced the closing of its initial public offering (IPO) of 35,880,000 units, which included the full exercise of the underwriter's over-allotment option. The offering generated gross proceeds of $358,800,000. Concurrently, the company completed a private placement of 225,000 Class A ordinary shares to its Sponsor for $2,250,000. Additionally, Randall Bort, Keith Covington, and Elizabeth Marcellino were appointed to the Board of Directors, with specific committee assignments.
Key Highlights
- IPO closed with 35,880,000 units sold, including full over-allotment.
- Gross proceeds from the IPO totaled $358,800,000 at $10.00 per unit.
- Each unit consists of one Class A ordinary share and one-fourth of one warrant.
- Warrants entitle holders to purchase Class A shares at $11.50 per share.
- Private placement of 225,000 Class A shares to the Sponsor generated $2,250,000.
- Randall Bort, Keith Covington, and Elizabeth Marcellino appointed as new directors.
- Randall Bort to chair the Audit Committee; Elizabeth Marcellino to chair the Compensation Committee.
- Company entered into an Underwriting Agreement, Warrant Agreement, and Investment Management Trust Agreement.
Price Impact