0000950170-23-041519.txt : 20230811 0000950170-23-041519.hdr.sgml : 20230811 20230810183033 ACCESSION NUMBER: 0000950170-23-041519 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230811 DATE AS OF CHANGE: 20230810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Gores Holdings IX, Inc. CENTRAL INDEX KEY: 0001894630 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-41215 FILM NUMBER: 231161025 BUSINESS ADDRESS: STREET 1: 6260 LOOKOUT ROAD CITY: BOULDER STATE: CO ZIP: 80301 BUSINESS PHONE: 303-531-3100 MAIL ADDRESS: STREET 1: 6260 LOOKOUT ROAD CITY: BOULDER STATE: CO ZIP: 80301 10-Q 1 ghix-20230630.htm 10-Q 10-Q
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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 June 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)

 

 

Delaware

 

86-1593799

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

6260 Lookout Rd.

 

 

Boulder, CO

 

80301

(Address of principal executive offices)

 

(Zip Code)

 

(310) 209-3010

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Class A Common Stock

GHIX

The Nasdaq Stock Market, LLC

Warrants

GHIXW

The Nasdaq Stock Market, LLC

Units

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.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

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 August 10, 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

Page

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

Interim Financial Statements

 

 

 

 

Condensed Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022

3

 

 

Unaudited, Condensed Statements of Operations for the Three Months and Six Months Ended June 30, 2023 and the Three Months and Six Months Ended June 30, 2022

4

 

 

Unaudited, Condensed Statements of Changes in Stockholders’ Deficit for the Three Months and Six Months Ended June 30, 2023 and the Three Months and Six Months Ended June 30, 2022

5

 

 

Unaudited, Condensed Statements of Cash Flows for the Six Months Ended June 30, 2023 and the Six Months Ended June 30, 2022

6

 

 

Notes to Unaudited, Interim, Condensed Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

21

 

 

 

Item 4.

Controls and Procedures

22

 

 

PART II—OTHER INFORMATION

23

 

 

 

Item 1.

Legal Proceedings

23

 

 

 

Item 1A.

Risk Factors

23

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

24

 

 

 

Item 3.

Defaults Upon Senior Securities

25

 

 

 

Item 4.

Mine Safety Disclosures

25

 

 

 

Item 5.

Other Information

25

 

 

 

Item 6.

Exhibits

26

 

 

 

 

 

 

 

 

 

2


GORES HOLDINGS IX, INC.

CONDENSED BALANCE SHEETS

 

 

 

June 30, 2023

 

 

 

 

 

 

 

(Unaudited)

 

 

December 31, 2022

 

ASSETS:

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

 

107,109

 

 

$

 

378,072

 

Prepaid expenses

 

 

 

532,601

 

 

 

 

944,461

 

Total current assets

 

 

 

639,710

 

 

 

 

1,322,533

 

Investments held in Trust Account

 

 

 

543,063,795

 

 

 

 

531,940,494

 

Total assets

 

$

 

543,703,505

 

 

$

 

533,263,027

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accrued expenses, formation and offering costs

 

$

 

137,617

 

 

$

 

27,446

 

State franchise tax accrual

 

 

 

20,000

 

 

 

 

200,000

 

Income tax payable

 

 

 

914,491

 

 

 

 

121,667

 

Notes payable - related party

 

 

 

600,000

 

 

 

 

600,000

 

Total current liabilities

 

 

 

1,672,108

 

 

 

 

949,113

 

Public warrants derivative liability

 

 

 

2,975,000

 

 

 

 

3,325,000

 

Private warrants derivative liability

 

 

 

1,416,667

 

 

 

 

1,583,333

 

Deferred income tax payable

 

 

 

459,333

 

 

 

 

509,185

 

Deferred underwriting compensation

 

 

 

18,375,000

 

 

 

 

18,375,000

 

Total liabilities

 

 

 

24,898,108

 

 

 

 

24,741,631

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Class A Common Stock subject to possible redemption, 52,500,000 shares at June 30, 2023 and 52,500,000 shares at December 31, 2022 (at redemption value of $10.32 and $10.12 per share, respectively)

 

 

 

541,569,971

 

 

 

 

531,037,712

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding at June 30, 2023 and December 31, 2022

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized, none issued or outstanding

 

 

 

 

 

 

 

 

Class F Common Stock, $0.0001 par value; 40,000,000 shares authorized, 13,125,000 shares issued and outstanding at June 30, 2023 and December 31, 2022

 

 

 

1,313

 

 

 

 

1,313

 

Additional paid-in-capital

 

 

 

 

 

 

 

 

Accumulated deficit

 

 

 

(22,765,887

)

 

 

 

(22,517,629

)

 

 

 

 

 

 

 

 

 

Total stockholders' deficit

 

 

 

(22,764,574

)

 

 

 

(22,516,316

)

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders' deficit

 

$

 

543,703,505

 

 

$

 

533,263,027

 

See accompanying notes to the unaudited, interim, condensed financial statements.

3


GORES HOLDINGS IX, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three

 

 

Three

 

 

Six

 

 

Six

 

 

Months Ended

 

 

Months Ended

 

 

Months Ended

 

 

Months Ended

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

Revenues

$

 

 

 

$

 

 

 

$

 

 

 

$

 

 

Professional fees and other expenses

 

 

(458,355

)

 

 

 

(354,557

)

 

 

 

(887,781

)

 

 

 

(727,644

)

State franchise taxes, other than income tax

 

 

(50,000

)

 

 

 

(50,000

)

 

 

 

(100,000

)

 

 

 

(100,000

)

       Net loss from operations

 

 

(508,355

)

 

 

 

(404,557

)

 

 

 

(987,781

)

 

 

 

(827,644

)

Gain from change in fair value of public and private warrant liabilities

 

 

1,550,000

 

 

 

 

6,200,000

 

 

 

 

516,666

 

 

 

 

5,166,667

 

Allocated expense for warrant issuance cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(617,225

)

Other income - dividend income

 

 

6,400,012

 

 

 

 

708,876

 

 

 

 

12,042,698

 

 

 

 

760,201

 

       Net income before income taxes

 

 

7,441,657

 

 

 

 

6,504,319

 

 

 

 

11,571,583

 

 

 

 

4,481,999

 

Provision for income tax

 

 

(499,399

)

 

 

 

 

 

 

 

(1,287,581

)

 

 

 

 

       Net income

$

 

6,942,258

 

 

$

 

6,504,319

 

 

$

 

10,284,002

 

 

$

 

4,481,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding of Class A Common Stock

 

 

52,500,000

 

 

 

 

52,500,000

 

 

 

 

52,500,000

 

 

 

 

48,730,500

 

Net income/(loss) per share, Class A Common Stock

$

 

0.02

 

 

$

 

0.10

 

 

$

 

(0.10

)

 

$

 

(0.57

)

Weighted average shares outstanding of Class F Common Stock

 

 

13,125,000

 

 

 

 

13,125,000

 

 

 

 

13,125,000

 

 

 

 

13,125,000

 

Net income/(loss) per share, Class F Common Stock

$

 

0.02

 

 

$

 

0.10

 

 

$

 

(0.10

)

 

$

 

(0.57

)

See accompanying notes to the unaudited, interim, condensed financial statements.

 

4


GORES HOLDINGS IX, INC.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(Unaudited)

 

 

 

For the Three Months Ended June 30, 2023

 

 

 

Class A Common Stock

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Deficit

 

 

Deficit

 

Balance at April 1, 2023

 

 

-

 

 

 $

 

-

 

 

 

13,125,000

 

 

 $

 

1,313

 

 

 $

 

-

 

 

 $

 

(24,201,830

)

 

 $

 

(24,200,517

)

Net income

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

6,942,258

 

 

 

 

6,942,258

 

Increase in redemption value of Class A Common Stock subject to redemption

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(5,506,315

)

 

 

 

(5,506,315

)

Balance at June 30, 2023

 

 

-

 

 

 $

 

-

 

 

 

13,125,000

 

 

 $

 

1,313

 

 

 $

 

-

 

 

 $

 

(22,765,887

)

 

 $

 

(22,764,574

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 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

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

10,284,002

 

 

 

 

10,284,002

 

Increase in redemption value of Class A Common Stock subject to redemption

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(10,532,260

)

 

 

 

(10,532,260

)

Balance at June 30, 2023

 

 

-

 

 

$

 

-

 

 

 

13,125,000

 

 

$

 

1,313

 

 

$

 

-

 

 

$

 

(22,765,887

)

 

$

 

(22,764,574

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2022

 

 

 

Class A Common Stock

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Deficit

 

 

Deficit

 

Balance at April 1, 2022

 

 

-

 

 

 $

 

-

 

 

 

13,125,000

 

 

 $

 

1,313

 

 

 $

 

-

 

 

 $

 

(34,554,173

)

 

 $

 

(34,552,860

)

Net income

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

6,504,319

 

 

 

 

6,504,319

 

Balance at June 30, 2022

 

 

-

 

 

 $

 

-

 

 

 

13,125,000

 

 

 $

 

1,313

 

 

 $

 

-

 

 

 $

 

(28,049,854

)

 

 $

 

(28,048,541

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 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

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

4,481,999

 

 

 

 

4,481,999

 

Balance at June 30, 2022

 

 

-

 

 

$

 

-

 

 

 

13,125,000

 

 

$

 

1,313

 

 

$

 

-

 

 

$

 

(28,049,854

)

 

$

 

(28,048,541

)

See accompanying notes to the unaudited, interim, condensed financial statements.

5


GORES HOLDINGS IX, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

Six Months Ended June 30, 2022

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

 

10,284,002

 

 

$

 

4,481,999

 

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

 

 

 

(12,042,698

)

 

 

 

(708,876

)

Loss from change in fair value of private and public warrant liabilities

 

 

 

(516,666

)

 

 

 

(5,166,667

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

State franchise tax accrual

 

 

 

(180,000

)

 

 

 

95,930

 

Income tax payable

 

 

 

792,824

 

 

 

 

 

Deferred income tax

 

 

 

(49,852

)

 

 

 

 

Prepaid assets

 

 

 

411,860

 

 

 

 

(1,457,476

)

Accrued expenses, formation and offering costs

 

 

 

110,170

 

 

 

 

(115,210

)

Net cash used in operating activities

 

 

 

(1,190,360

)

 

 

 

(2,253,075

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Cash deposited in Trust Account

 

 

 

 

 

 

 

(525,000,000

)

Cash withdrawn from Trust Account for tax and regulatory expenses

 

 

 

919,397

 

 

 

 

 

Net cash provided by/(used in) investing activities

 

 

 

919,397

 

 

 

 

(