Gores Holdings XI Completes $358.8M IPO and $2.25M Private Placement

summarizeSummary

Gores Holdings XI, a SPAC, announced the successful completion of its initial public offering, raising $358.8 million, alongside a $2.25 million private placement.

check_boxKey Events · Financing and Capital Events · GHXIU

• Initial Public Offering Completed

  Gores Holdings XI, Inc. consummated its IPO of 35,880,000 units at $10.00 per unit, generating gross proceeds of $358,800,000. The underwriter's over-allotment option was fully exercised.

• Concurrent Private Placement

  Simultaneously with the IPO, the company completed a private sale of 225,000 Class A ordinary shares to its sponsor at $10.00 per share, generating gross proceeds of $2,250,000.

• Trust Account Funded

  A total of $358,800,000 from the IPO proceeds and $250,000 from the private placement were placed into a trust account, providing the capital for future business combinations.

• Warrants Issued

  Each unit consists of one Class A ordinary share and one-fourth of one warrant, with each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50.

auto_awesomeAnalysis · GHXIU · Real Estate & Construction

This filing announces the successful completion of Gores Holdings XI's initial public offering, raising $358.8 million, and a concurrent $2.25 million private placement. This event is critical as it establishes the SPAC's capital base, with $358.8 million placed into a trust account, providing the necessary funds for the company to pursue its primary objective of identifying and completing a business combination. The full exercise of the underwriter's over-allotment option indicates strong investor demand for the offering, and the stock trading near its 52-week high suggests a positive market reception.