This is a standard SPAC IPO with no target identified. Shares will likely trade near the trust value ($10.00 per share) until a business combination is announced. Monitor for any target announcement or shareholder vote on extension, which could trigger redemption rights.
Executive Summary
Gores Holdings XI, Inc. has priced its initial public offering of 31,200,000 units at $10.00 per unit, raising $312,000,000 in gross proceeds, with an additional over-allotment option for up to 4,680,000 units. Proceeds will be held in trust to fund a future business combination, which must be completed within 24 months (or 27 months with a signed definitive agreement). This is a standard SPAC IPO with no target identified, and immediate dilution to public shareholders is expected.
Key Financial Metrics
Key Facts
- 31,200,000 units sold at $10.00 per unit for total gross proceeds of $312,000,000
- Each unit consists of one Class A ordinary share and one-fourth of one redeemable warrant (exercise price $11.50 per share)
- Underwriters have a 45-day option to purchase up to 4,680,000 additional units
- Sponsor purchased 225,000 private placement shares at $10.00 per share for $2,250,000
- Of the proceeds, $312,000,000 deposited into a trust account ($10.00 per unit); $1,000,000 held outside for working capital
- Initial shareholders own 7,800,000 founder shares (after forfeiture), purchased for $25,000 (approximately $0.003 per share)
- Deferred underwriting commissions of $9,360,000 and advisory fee of $9,360,000 payable upon closing of initial business combination
- Net tangible book value per share post-offering (no redemptions, no over-allotment) is $7.45, implying immediate dilution of $2.55 per share (25.5%) for public shareholders
- Must complete initial business combination within 24 months (27 months if definitive agreement signed) or liquidate
- Securities to trade on Nasdaq: units (GHXIU), Class A ordinary shares (GHXI), warrants (GHXIW)
Financial Impact
Total gross proceeds of $312,000,000 from unit offering plus $2,250,000 from private placement; trust account funded with $312,000,000; approximately $1,000,000 held outside for working capital
Risk Factors
- No identified business combination target; may fail to complete a deal within 24 months, forcing liquidation at ~$10.00 per share
- Significant dilution for public shareholders: sponsor paid ~$0.003 per founder share while public paid $10.00 per unit
- Founder shares represent 20% ownership post-IPO, giving sponsor significant voting control
- Warrants may expire worthless if share price stays below $11.50
- High redemption rates could reduce available cash for business combination
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001193125-26-279710 |
| Document: 0001193125-26-279710-index-headers.html | 0001193125-26-279710 |
| Document: 0001193125-26-279710-index.html | 0001193125-26-279710 |
| Document: 0001193125-26-279710.txt | 0001193125-26-279710 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 30, 2026 16w ago | 8-K | — | awaiting T+20 | — | — |
Jun 24, 2026 17w ago | 8-K | — | awaiting T+20 | — | — |
Jun 23, 2026 17w ago | 424B4 | — | awaiting T+20 | — | — |
Jun 23, 2026 18w ago | EFFECT | — | awaiting T+20 | — | — |
Jun 22, 2026 18w ago | 3 | — | awaiting T+20 | — | — |
Jun 22, 2026 18w ago | 3 | — | awaiting T+20 | — | — |
Jun 22, 2026 18w ago | 3 | — | awaiting T+20 | — | — |
Jun 22, 2026 18w ago | 3 | — | awaiting T+20 | — | — |
US Market Status
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