**Gores Holdings X, Inc. (GTEN) Reports 2025 Financial Results, Continues Search for Business Combination**
Gores Holdings X, Inc. (GTEN), a Cayman Islands-based blank check company, filed its 10-K report for the year ended December 31, 2025. The company, formed to pursue a merger, share exchange, asset acquisition, or similar business combination, reported net income of $920,659 for the year, which included a non-cash loss of $6.64 million related to the change in fair value of its warrant liability. The company had no revenue and professional fees and other expenses totaled $1.85 million. As of December 31, 2025, Gores Holdings X held $367.74 million in a trust account, intended for use in a future business combination.
The company's financial position reflects its status as a special purpose acquisition company (SPAC) actively seeking a target. As of December 31, 2025, Gores Holdings X had $619,576 in cash outside of the trust account, available for working capital. Current liabilities totaled $2.69 million, primarily related to the warrant liability and accrued expenses. The company's strategy involves identifying and acquiring a business that can benefit from its management team's experience and operational expertise.
Key operational developments included the completion of its initial public offering (IPO) on May 5, 2025, raising gross proceeds of $358.8 million through the sale of 35,880,000 units at $10.00 each. Simultaneously, the company completed a private placement of 225,000 Class A Ordinary Shares to its sponsor, Gores Sponsor X LLC, generating $2.25 million. The company has until May 4, 2027 (or August 4, 2027 if the Company has executed a definitive agreement for an initial Business Combination by May 5, 2027) to complete a business combination.
Looking ahead, Gores Holdings X intends to continue its search for a suitable business combination target. The company's management team is focused on identifying a company with a defensible core business, sustainable revenues, and established customer relationships, with the goal of creating long-term value for its shareholders. The company's ability to complete a business combination is subject to various risks, including competition from other SPACs, regulatory hurdles, and market conditions.
About Gores Holdings X, Inc. / CI
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