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Gores Holdings IX, Inc. has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes restated financial statements due to previously identified errors related to the accounting of the company's tax provision, affecting financial statements for the years ended December 31, 2023 and 2022, and the quarters ended March 31, 2023, June 30, 2023, September 30, 2023, and March 31, 2024.
The company reported net income of $7,127,883 for the three months ended June 30, 2024, primarily due to a non-cash gain of $6,975,000 from changes in the fair value of warrant liabilities.
For the six months ended June 30, 2024, net income was $1,703,452, with a non-cash gain of $1,033,333 from warrant liabilities.
Cash held in the trust account as of June 30, 2024, was $64,028,655, down from $555,541,639 at December 31, 2023, due to shareholder redemptions.
The company has until December 6, 2024, to complete a business combination or it will liquidate and redeem public shares.
As of June 30, 2024, the company had current liabilities of $6,770,231 and a working capital deficit of $5,349,614.
The company identified a material weakness in its internal control over financial reporting related to the accounting of its tax provision.
The company continues to seek a business combination and has extended its deadline for completion to December 6, 2024.
The filing also notes potential risks from market conditions and uncertainties, including geopolitical tensions and financial market volatility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gores Holdings IX Inc. quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.