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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Gores Holdings IV, Inc.    GHIV

GORES HOLDINGS IV, INC.

(GHIV)
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United Wholesale Mortgage plans SPAC IPO in merger with Gores Holdings

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09/23/2020 | 08:01am EDT

United Wholesale Mortgage said on Wednesday it is planning to go public by merging with special purpose acquisition company (SPAC) Gores Holdings IV Inc in a deal that will value the wholesale mortgage lender at $16.1 billion.

Under the agreement, United Wholesale will retain about 94% ownership of the combined company and will get about $425 million in cash held in Gores's trust account along with $500 million from a private placement.

Once the deal is completed, the combined company will be listed on Nasdaq and named UWM Corp, the Michigan-based company said, adding that the deal would make UWM the largest SPAC transaction so far.

United Wholesale's current Chief Executive Officer Mat Ishbia will continue to lead the business with the existing management team.

Gores Holdings IV, which went public at the beginning of this year, had raised $425 million from the offering.

The deal comes a month after Gores' other SPAC, Gores Metropoulos Inc, merged with autonomous vehicle sensor firm Luminar with plans to go public in the fourth quarter.

SPACs, also known as blank-check firms, are shell companies that raise funds through an initial public offering (IPO), with an intention to acquire a private company.

High-profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs in 2020 as the vehicle becomes an increasingly popular route to the public markets over a traditional IPO.

By Krystal Hu and Maria Ponnezhath


Stocks mentioned in the article
ChangeLast1st jan.
GORES HOLDINGS IV, INC. -0.20% 9.91 Delayed Quote.0.00%
GORES METROPOULOS, INC. -0.69% 10.08 Delayed Quote.0.00%
NASDAQ COMP. -3.14% 11004.868219 Delayed Quote.27.40%
THE HOWARD HUGHES CORPORATION -2.00% 61.51 Delayed Quote.-52.24%
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All news about GORES HOLDINGS IV, INC.
10/13GORES HOLDINGS IV, INC. : Other Events, Financial Statements and Exhibits (form ..
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09/25WeissLaw LLP Investigates Gores Holdings IV, Inc.
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09/23GORES IV : United Wholesale agrees merger with Gores Holdings to go public
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09/23GORES HOLDINGS IV, INC. : Entry into a Material Definitive Agreement, Unregister..
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09/23United Wholesale Mortgage plans SPAC IPO in merger with Gores Holdings
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08/07GORES IV : Management's Discussion and Analysis of Financial Condition and Resul..
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05/14GORES IV : Management's Discussion and Analysis of Financial Condition and Resul..
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03/27GORS HLDG : GORES HOLDINGS IV, INC. Management's Discussion and Analysis of Fina..
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Financials (USD)
Sales 2019 - - -
Net income 2019 -0,07 M - -
Net Debt 2019 0,15 M - -
P/E ratio 2019 -
Yield 2019 -
Capitalization 124 M 124 M -
EV / Sales 2018
EV / Sales 2019 -
Nbr of Employees -
Free-Float 62,8%
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Managers
NameTitle
Mark R. Stone President & Chief Executive Officer
Alec E. Gores Chairman
Andrew McBride Chief Financial Officer & Secretary
Randy Bort Director
William B. Patton Director
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