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Gores Holdings IX, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $228,309 for the three months ended September 30, 2024, and $1,931,760 for the nine months ended September 30, 2024.
Professional fees and other expenses for the three months ended September 30, 2024, were $459,208, with state franchise taxes amounting to $50,000.
The company reported a non-cash gain of $1,033,333 related to the change in fair value of warrant liabilities for the nine months ended September 30, 2024.
Income from cash and investments held in the Trust Account was $732,552 for the three months ended September 30, 2024, and $7,074,374 for the nine months ended September 30, 2024.
The company had $905,958 in cash and $64,761,208 in the Trust Account as of September 30, 2024.
At a special meeting on January 9, 2024, stockholders approved an extension for the company to consummate a business combination by December 6, 2024.
During this extension, holders of 46,470,023 shares of Class A common stock exercised their right to redeem their shares, resulting in a $492.3 million redemption from the Trust Account.
The company continues to focus on identifying and evaluating prospective acquisition candidates for a business combination.
Management has determined that the liquidity condition and mandatory liquidation, should a business combination not occur, raises substantial doubt about the company's ability to continue as a going concern.
The filing details the company's financial position, including current liabilities of $7,038,649 and a working capital deficit of $5,933,699 as of September 30, 2024.
The company acknowledges its dependence on completing a business combination by December 6, 2024, to avoid liquidation.
The company has identified a material weakness in its internal control over financial reporting related to the accounting of its tax provision.
The filing also discusses the company's plans to enhance its internal control framework and remediate the identified material weakness.
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 27, 2024. To report an error, please email earnings@qz.com.