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.
Latest Non-Redemption Agreements: EVe Mobility and Swiftmerge EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 7, EVe Mobility Acquisition Corp. (NYSE:EVE) and the sponsor entered into further non-redemption agreements with additional unaffiliated third party investors pursuant to which the investors have, in connection with the Extension Meeting, agreed not to redeem their Class A Ordinary...
Latest SPAC Liquidations: Ahren Acquisition Corp. Ahren Acquisition Corp. (AHRN) to Liquidate on June 19 Ahren Acquisition Corp. (Nasdaq: AHRN) today announced its board of directors has determined to redeem all of its outstanding Class A ordinary shares, effective as of June 19. As of the open of business on June 20, the Class A Shares...
ROC Energy Acquisition Corp. (NASDAQ:ROC) announced in an 8-K today that its shareholders have approved its combination with oilfield services company Drilling Tools International (“DTI”) during a special meeting held on June 1. At the meeting, holders of 23,008,929 shares of common stock were present in person or by proxy, representing approximately 85.69% of the voting...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...