Gores Holdings X, Inc., a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, has released its Form 10-Q report for the quarter ended September 30, 2025. The report provides a detailed overview of the company's financial performance and operational status as it continues its search for a suitable business combination target.
Financial Highlights
Net Income: $1.84 million for the three months ended September 30, 2025, driven by interest income of $3.71 million and offset by a non-cash loss of $1.52 million related to the change in fair value of the warrant liability.
Net Income: $51,703 for the nine months ended September 30, 2025, with a significant non-cash loss of $5.29 million related to the change in fair value of the warrant liability.
Basic and Diluted Net Loss Per Share, Class A Redeemable Ordinary Shares: $(0.65) for the three months ended September 30, 2025.
Basic and Diluted Net Loss Per Share, Class A Non-Redeemable Ordinary Shares: $(0.65) for the three months ended September 30, 2025.
Basic and Diluted Net Loss Per Share, Class B Ordinary Shares: $(0.65) for the three months ended September 30, 2025.
Basic Net Loss Per Share, Class A Redeemable Ordinary Shares: $(1.10) for the nine months ended September 30, 2025.
Diluted Net Loss Per Share, Class A Redeemable Ordinary Shares: $(1.08) for the nine months ended September 30, 2025.
Basic Net Loss Per Share, Class A Non-Redeemable Ordinary Shares: $(1.10) for the nine months ended September 30, 2025.
Diluted Net Loss Per Share, Class A Non-Redeemable Ordinary Shares: $(1.08) for the nine months ended September 30, 2025.
Basic Net Loss Per Share, Class B Ordinary Shares: $(1.10) for the nine months ended September 30, 2025.
Diluted Net Loss Per Share, Class B Ordinary Shares: $(1.08) for the nine months ended September 30, 2025.
Business Highlights
Business Overview: Gores Holdings X, Inc. is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company is currently in the process of identifying and evaluating potential targets for a business combination.
Operational Status: As of September 30, 2025, the company has not commenced any operations and is focused on the search for a target business to complete a business combination. The company will not generate operating revenues until after the completion of a business combination.
IPO and Capital Raising: On May 5, 2025, the company completed its initial public offering (IPO), raising gross proceeds of $358.8 million through the sale of 35,880,000 units. Each unit consists of one Class A ordinary share and one-fourth of one warrant.
Private Placement: Simultaneously with the IPO, the company completed a private sale of 225,000 Class A ordinary shares to its sponsor, generating additional gross proceeds of $2.25 million.
Warrant Liabilities: The company has issued public warrants as part of its units sold in the IPO, which are accounted for as liabilities. The fair value of these warrants is subject to re-measurement at each reporting date.
Future Outlook: The company has until May 4, 2027, to complete its initial business combination. If unable to do so, it will redeem 100% of the public shares and dissolve. The management is actively seeking a suitable target for a business combination within this timeframe.
Segment Information: The company operates as a single segment, with the Chief Financial Officer acting as the chief operating decision maker. The focus is on managing cash and expenses to ensure sufficient capital is available to complete a business combination.
Risk Factors: The company acknowledges various macroeconomic, geopolitical, and regulatory uncertainties, including the ongoing Russia-Ukraine conflict and the Israel-Hamas conflict, which could impact its ability to complete a business combination.
SEC Filing: