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Gores Holdings VII, Inc. (NASDAQ: GSEV, GSEVU, GSEVW) has filed a preliminary proxy statement to seek stockholder approval for an amendment to its Charter that would allow the redemption of all outstanding public shares and liquidation by December 31, 2022. The company believes a merger is unlikely, and early liquidation would prevent potential excise taxes under the Inflation Reduction Act. A special meeting for stockholders is scheduled for December 2022, following the filing of the preliminary proxy statement with the SEC on November 3, 2022.
Gores Holdings VII, Inc. (GSEV) announced it received a notice from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to its failure to timely file its Quarterly Report on Form 10-Q for Q1 2021. This notice does not immediately affect the trading of GSEV's securities. The company is reevaluating the accounting treatment of warrants following an SEC statement, which may classify them as derivative liabilities. GSEV has until July 20, 2021, to submit a plan for compliance, with a potential extension to November 15, 2021, if accepted.
Gores Holdings VII closed its IPO of 55,000,000 units at $10.00 each, generating gross proceeds of $550 million. This includes 7,000,000 units from the underwriters' over-allotment option. Each unit comprises one Class A common stock share and one-eighth of a warrant, which can be exercised at $11.50 per share. Trading commenced on Nasdaq under the symbol 'GSEVU' on February 23, 2021. The anticipated use of net proceeds is outlined in forward-looking statements, but no guarantees are provided regarding these uses.
Gores Holdings VII, a blank check company, has priced its initial public offering at $10.00 per unit, raising approximately $480 million. The offering includes 48 million units, trading under the ticker symbol “GSEVU” on Nasdaq starting February 23, 2021. Each unit contains one share of Class A common stock and a warrant for purchasing additional shares at $11.50 each. Deutsche Bank and Morgan Stanley are the joint book-running managers and have a 45-day option to purchase an additional 7.2 million units to cover over-allotments.
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