Form 10-Q - Quarterly report [Sections 13 or 15(d)]
November 13 2023 - 4:00PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission File Number: 001-41215
GORES HOLDINGS IX, INC.
(Exact name of registrant as specified in its Charter)
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Delaware |
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86-1593799 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
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6260 Lookout Rd. |
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Boulder, CO |
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80301 |
(Address of principal executive offices) |
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(Zip Code) |
(310) 209-3010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbols |
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Name of each exchange on which registered |
Class A Common Stock |
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GHIX |
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The Nasdaq Stock Market, LLC |
Warrants |
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GHIXW |
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The Nasdaq Stock Market, LLC |
Units |
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GHIXU |
|
The Nasdaq Stock Market, LLC |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
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Large accelerated filer |
☐ |
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Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
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Smaller reporting company |
☒ |
Emerging growth company |
☒ |
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|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☒ No ☐
As of November 13, 2023, there were 52,500,000 shares of the Company’s Class A Common Stock, par value $0.0001 per share, and 13,125,000 shares of the Company’s Class F common stock, par value $0.0001 per share, issued and outstanding.
TABLE OF CONTENTS
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Page |
PART I—FINANCIAL INFORMATION |
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Item 1. |
Interim Financial Statements |
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Condensed Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022 |
3 |
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Unaudited Condensed Statements of Operations for the Three Months and Nine Months Ended September 30, 2023 and the Three Months and Nine Months Ended September 30, 2022 |
4 |
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Unaudited Condensed Statements of Changes in Stockholders’ Deficit for the Three Months and Nine Months Ended September 30, 2023 and the Three Months and Nine Months Ended September 30, 2022 |
5 |
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Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and the Nine Months Ended September 30, 2022 |
6 |
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Notes to Unaudited, Interim, Condensed Financial Statements |
7 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
20 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
21 |
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Item 4. |
Controls and Procedures |
22 |
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PART II—OTHER INFORMATION |
23 |
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Item 1. |
Legal Proceedings |
23 |
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Item 1A. |
Risk Factors |
23 |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
24 |
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Item 3. |
Defaults Upon Senior Securities |
25 |
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Item 4. |
Mine Safety Disclosures |
25 |
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Item 5. |
Other Information |
25 |
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Item 6. |
Exhibits |
26 |
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2
GORES HOLDINGS IX, INC.
CONDENSED BALANCE SHEETS
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September 30, 2023 |
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(Unaudited) |
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December 31, 2022 |
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ASSETS: |
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Current assets: |
|
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|
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|
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Cash |
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$ |
|
18,238 |
|
|
$ |
|
378,072 |
|
Prepaid expenses |
|
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298,893 |
|
|
|
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944,461 |
|
Total current assets |
|
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317,131 |
|
|
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1,322,533 |
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Investments held in Trust Account |
|
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550,138,169 |
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531,940,494 |
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Total assets |
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$ |
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550,455,300 |
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$ |
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533,263,027 |
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LIABILITIES AND STOCKHOLDERS' DEFICIT |
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Current liabilities: |
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Accrued expenses, formation and offering costs |
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$ |
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145,578 |
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$ |
|
27,446 |
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State franchise tax accrual |
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30,000 |
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200,000 |
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Income tax payable |
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1,991,124 |
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121,667 |
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Notes payable - related party |
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600,000 |
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600,000 |
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Total current liabilities |
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2,766,702 |
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949,113 |
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Public warrants derivative liability |
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3,500,000 |
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3,325,000 |
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Private warrants derivative liability |
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1,666,667 |
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1,583,333 |
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Deferred income tax payable |
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361,970 |
|
|
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509,185 |
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Deferred underwriting compensation |
|
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18,375,000 |
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18,375,000 |
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Total liabilities |
|
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26,670,339 |
|
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24,741,631 |
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Commitments and contingencies |
|
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Class A Common Stock subject to possible redemption, 52,500,000 shares at September 30, 2023 and 52,500,000 shares at December 31, 2022 (at redemption value of $10.43 and $10.12 per share, respectively) |
|
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547,625,075 |
|
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531,037,712 |
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Stockholders' deficit: |
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Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding at September 30, 2023 and December 31, 2022 |
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— |
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— |
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Common stock |
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Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized, none issued or outstanding |
|
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— |
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|
— |
|
Class F Common Stock, $0.0001 par value; 40,000,000 shares authorized, 13,125,000 shares issued and outstanding at September 30, 2023 and December 31, 2022 |
|
|
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1,313 |
|
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|
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1,313 |
|
Additional paid-in-capital |
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|
|
— |
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— |
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Accumulated deficit |
|
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|
(23,841,427 |
) |
|
|
|
(22,517,629 |
) |
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|
|
|
|
|
|
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|
Total stockholders' deficit |
|
|
|
(23,840,114 |
) |
|
|
|
(22,516,316 |
) |
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|
|
|
|
|
|
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|
Total liabilities and stockholders' deficit |
|
$ |
|
550,455,300 |
|
|
$ |
|
533,263,027 |
|
See accompanying notes to the unaudited, interim, condensed financial statements.
3
GORES HOLDINGS IX, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
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Three |
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Three |
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Nine |
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Nine |
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Months Ended |
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Months Ended |
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Months Ended |
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Months Ended |
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September 30, 2023 |
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September 30, 2022 |
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September 30, 2023 |
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September 30, 2022 |
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Revenues |
$ |
|
— |
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$ |
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— |
|
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$ |
|
— |
|
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$ |
|
— |
|
Professional fees and other expenses |
|
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(367,805 |
) |
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(341,798 |
) |
|
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(1,255,586 |
) |
|
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(1,069,443 |
) |
State franchise taxes, other than income tax |
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(50,000 |
) |
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(50,000 |
) |
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(150,000 |
) |
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(150,000 |
) |
Net loss from operations |
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(417,805 |
) |
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(391,798 |
) |
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(1,405,586 |
) |
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(1,219,443 |
) |
Gain/(loss) from change in fair value of public and private warrant liabilities |
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(775,000 |
) |
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2,066,666 |
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(258,334 |
) |
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7,233,333 |
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Allocated expense for warrant issuance cost |
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— |
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— |
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— |
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(617,225 |
) |
Other income - dividend income |
|
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7,074,374 |
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2,368,007 |
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19,117,072 |
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3,128,209 |
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Net income before income taxes |
|
|
5,881,569 |
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4,042,875 |
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|
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17,453,152 |
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8,524,874 |
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Provision for income tax |
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|
(902,006 |
) |
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|
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(51,149 |
) |
|
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(2,189,587 |
) |
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(51,149 |
) |
Net income |
$ |
|
4,979,563 |
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$ |
|
3,991,726 |
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$ |
|
15,263,565 |
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$ |
|
8,473,725 |
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Net income/(loss) per common share: |
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Weighted average shares outstanding of Class A Common Stock |
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52,500,000 |
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52,500,000 |
|
|
|
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52,500,000 |
|
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50,001,000 |
|
Net income/(loss) per share, Class A Common Stock |
$ |
|
(0.02 |
) |
|
$ |
|
0.02 |
|
|
$ |
|
(0.11 |
) |
|
$ |
|
(0.53 |
) |
Weighted average shares outstanding of Class F Common Stock |
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13,125,000 |
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13,125,000 |
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13,125,000 |
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13,125,000 |
|
Net income/(loss) per share, Class F Common Stock |
$ |
|
(0.02 |
) |
|
$ |
|
0.02 |
|
|
$ |
|
(0.11 |
) |
|
$ |
|
(0.53 |
) |
See accompanying notes to the unaudited, interim, condensed financial statements.
4
GORES HOLDINGS IX, INC.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
(Unaudited)
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For the Three Months Ended September 30, 2023 |
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Class A Common Stock |
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Additional |
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Accumulated |
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Stockholders' |
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Shares |
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Amount |
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Shares |
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Amount |
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Paid-In Capital |
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Deficit |
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Deficit |
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Balance at July 1, 2023 |
|
|
- |
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$ |
|
- |
|
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|
13,125,000 |
|
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$ |
|
1,313 |
|
|
$ |
|
- |
|
|
$ |
|
(22,765,887 |
) |
|
$ |
|
(22,764,574 |
) |
Net income |
|
|
- |
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|
- |
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- |
|
|
|
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- |
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|
|
- |
|
|
|
|
4,979,563 |
|
|
|
|
4,979,563 |
|
Increase in redemption value of Class A Common Stock subject to redemption |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(6,055,103 |
) |
|
|
|
(6,055,103 |
) |
Balance at September 30, 2023 (unaudited) |
|
|
- |
|
|
$ |
|
- |
|
|
|
13,125,000 |
|
|
$ |
|
1,313 |
|
|
$ |
|
- |
|
|
$ |
|
(23,841,427 |
) |
|
$ |
|
(23,840,114 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2023 |
|
|
|
Class A Common Stock |
|
|
|
|
|
Additional |
|
|
Accumulated |
|
|
Stockholders' |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Paid-In Capital |
|
|
Deficit |
|
|
Deficit |
|
Balance at January 1, 2023 |
|
|
- |
|
|
$ |
|
- |
|
|
|
13,125,000 |
|
|
$ |
|
1,313 |
|
|
$ |
|
- |
|
|
$ |
|
(22,517,629 |
) |
|
$ |
|
(22,516,316 |
) |
Net income |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
15,263,565 |
|
|
|
|
15,263,565 |
|
Increase in redemption value of Class A Common Stock subject to redemption |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(16,587,363 |
) |
|
|
|
(16,587,363 |
) |
Balance at September 30, 2023 (unaudited) |
|
|
- |
|
|
$ |
|
- |
|
|
|
13,125,000 |
|
|
$ |
|
1,313 |
|
|
$ |
|
- |
|
|
$ |
|
(23,841,427 |
) |
|
$ |
|
(23,840,114 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2022 |
|
|
|
Class A Common Stock |
|
|
|
|
|
Additional |
|
|
Accumulated |
|
|
Stockholders' |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Paid-In Capital |
|
|
Deficit |
|
|
Deficit |
|
Balance at July 1, 2022 |
|
|
- |
|
|
$ |
|
- |
|
|
|
13,125,000 |
|
|
$ |
|
1,313 |
|
|
$ |
|
- |
|
|
$ |
|
(28,049,854 |
) |
|
$ |
|
(28,048,541 |
) |
Net income |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
3,991,726 |
|
|
|
|
3,991,726 |
|
Increase in redemption value of Class A commont stock subject to redemption |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(2,354,685 |
) |
|
|
|
(2,354,685 |
) |
Balance at September 30, 2022 (unaudited) |
|
|
- |
|
|
$ |
|
- |
|
|
|
13,125,000 |
|
|
$ |
|
1,313 |
|
|
$ |
|
- |
|
|
$ |
|
(26,412,813 |
) |
|
$ |
|
(26,411,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2022 |
|
|
|
Class A Common Stock |
|
|
|
|
|
Additional |
|
|
Accumulated |
|
|
Stockholders' |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Paid-In Capital |
|
|
Deficit |
|
|
Deficit |
|
Balance at January 1, 2022 |
|
|
- |
|
|
$ |
|
- |
|
|
|
15,093,750 |
|
|
$ |
|
1,509 |
|
|
$ |
|
23,491 |
|
|
$ |
|
(6,112 |
) |
|
$ |
|
18,888 |
|
Forfeited Class F Common Stock by Sponsor |
|
|
- |
|
|
|
|
- |
|
|
|
(1,968,750 |
) |
|
|
|
(197 |
) |
|
|
|
197 |
|
|
|
|
- |
|
|
|
|
- |
|
Excess of fair value paid by founders for warrants |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
7,250,000 |
|
|
|
|
- |
|
|
|
|
7,250,000 |
|
Subsequent measurement of Class A Common Stock subject to redemption against additional paid-in capital |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(7,273,688 |
) |
|
|
|
- |
|
|
|
|
(7,273,688 |
) |
Subsequent measurement of Class A Common Stock subject to redemption against accumulated deficit |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(32,525,740 |
) |
|
|
|
(32,525,740 |
) |
Net income |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
8,473,725 |
|
|
|
|
8,473,725 |
|
Increase in redemption value of Class A commont stock subject to redemption |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(2,354,685 |
) |
|
|
|
(2,354,685 |
) |
Balance at September 30, 2022 (unaudited) |
|
|
- |
|
|
$ |
|
- |
|
|
|
13,125,000 |
|
|
$ |
|
1,313 |
|
|
$ |
|
- |
|
|
$ |
|
(26,412,813 |
) |
|
$ |
|
(26,411,500 |
) |
See accompanying notes to the unaudited, interim, condensed financial statements.
5
GORES HOLDINGS IX, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|
|
|
Nine Months Ended September 30, 2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
|
15,263,565 |
|
|
$ |
|
8,473,725 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Allocated expense for warrant issuance cost |
|
|
|
— |
|
|
|
|
617,225 |
|
Dividends reinvested in the Trust Account |
|
|
|
(18,197,674 |
) |
|
|
|
(3,128,209 |
) |
Loss from change in fair value of private and public warrant liabilities |
|
|
|
258,334 |
|
|
|
|
(7,233,333 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
State franchise tax accrual |
|
|
|
(170,000 |
) |
|
|
|
145,930 |
|
Income tax payable |
|
|
|
1,869,457 |
|
|
|
|
51,149 |
|
Deferred income tax |
|
|
|
(147,215 |
) |
|
|
|
— |
|
Prepaid assets |
|
|
|
645,567 |
|
|
|
|
(1,200,968 |
) |
Accrued expenses, formation and offering costs |
|
|
|
118,132 |
|
|
|
|
(145,892 |
) |
Net cash used in operating activities |
|
|
|
(359,834 |
) |
|
|
|
(2,420,373 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Cash deposited in Trust Account |
|
|
|
— |
|
|
|
|
(525,000,000 |
) |
Cash withdrawn from Trust Account for tax and regulatory expenses |
|
|
|
— |
|
|
|
|
623,524 |
|
Net cash used in investing activities |
|
|
|
— |
|
|
|
|
(524,376,476 |
) |
Cash flows provided by financing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of Units in initial public offering |
|
|
|
— |
|
|
|
|
525,000,000 |
|
Proceeds from sale of Private Placement Warrants to Sponsor |
|
|
|
— |
|
|
|
|
12,500,000 |
|
Proceeds from notes payable – related party |
|
|
|
— |
|
|
|
|
600,000 |
|
Repayment of notes and advances payable – related party |
|
|
|
— |
|
|
|
|
(300,000 |
) |
Payment of underwriters’ discounts and commissions |
|
|
|
— |
|
|
|
|
(10,500,000 |
) |
Payment of accrued offering costs |
|
|
|
— |
|
|
|
|
(179,109 |
) |
Net cash provided by financing activities |
|
|
|
— |
|
|
|
|
527,120,891 |
|
Net change in cash |
|
|
|
(359,834 |
) |
|
|
|
324,042 |
|
Cash at beginning of period |
|
|
|
378,072 |
|
|
|
|
147,160 |
|
Cash at end of period |
|
$ |
|
18,238 |
|
|
$ |
|
471,202 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash financing activities: |
|
|
|
|
|
|
|
|
Offering costs included in accrued expenses, formation and offering costs |
|
$ |
|
— |
|
|
$ |
|
337,544 |
|
Deferred underwriting compensation |
|
$ |
|
— |
|
|
$ |
|
18,375,000 |
|
Supplemental disclosure of income and franchise taxes paid: |
|
|