Gores Holdings IV (GHIV) Shareholders Approve UWM Deal
by Nicholas Alan Clayton on 2021-01-21 at 6:51am

Gores Holdings IV, Inc. (NASDAQ:GHIV) announced in an 8-K filing that its shareholders approved its combination with wholesale mortgage lender UWM Holdings at a special meeting earlier yesterday.

Although the merger and all other measures on the ballot passed by wide margins, 20,795 were also redeemed in connection with the vote. This removed an estimated $208,157.95 from Gores IV’s trust at $10.01 per share. This will not impact the deal, but was still a surprisingly large amount given that the SPAC opened on the day of the vote at $12.44 and these shareholders could have pocketed more cash on the open market.

Gores IV initially announced this historic deal with UWM on September 23. At an enterprise value of $16.1 billion, the merger (for now) goes down as the largest SPAC combination in history. Pontiac, Michigan-based UWM is the country’s largest wholesale mortgage lender and #2 overall mortgage lender.

All measures up for vote passed by wide margins at the special meeting, but about 26% of shares voted against a number of governance measures concerning Board powers and incentives. For full vote tallies, click HERE.


ADVISORS

  • Deutsche Bank Securities and Morgan Stanley & Co. LLC acted as lead financial advisors, lead capital market advisors and exclusive private placement agents to Gores Holdings IV
  • Moelis & Company LLC acted as financial advisor to Gores Holdings IV.
  • Weil, Gotshal & Manges LLP acted as legal advisor to Gores Holdings IV.
  • Goldman Sachs & Co. LLC acted as financial advisor to UWM.
  • Greenberg Traurig, LLP acted as legal advisor to UWM.
Recent Posts
by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

by Nicholas Alan Clayton on 2024-03-26 at 1:52pm

News and Rumors SpaceNews: Boeing (NYSE:BA) has sued Virgin Galactic (NASDAQ:SPCE) alleging the space tourism venture refused to pay $25 million it owed for design work and violated Boeing’s intellectual property rights. Virgin Galactic combined with Social Capital Hedosophia in 2019. Bloomberg: The most popular options contract for Trump Media (NASDAQ:DJT) predicts it to plunge...

by Nicholas Alan Clayton on 2024-03-26 at 11:51am

APx (NASDAQ:APXI) has entered into a definitive agreement to combine with precision medicine firms OmnigenicsAI and MultiplAI at an enterprise value $340 million. Once combined, these companies will offer DNA tests to consumers linked to predictive insights on their nutritional and genomic health. The combined company is expected to trade on the Nasdaq under the...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved