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.
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