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.
- 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.