UWM Holdings Corporation Rings NYSE Opening Bell

Rhea-AI Summary

UWM Holdings Corporation, parent of United Wholesale Mortgage, celebrated its first day trading on the NYSE under ticker symbol UWMC following a business combination with Gores Holdings IV, Inc. The transaction netted UWM approximately $895 million, including $395 million from Gores Holdings IV and $500 million from a private placement with institutional investors. CEO Mat Ishbia highlighted UWM's commitment to supporting mortgage brokers and maximizing shareholder value as they embark on their new journey as a public company.

Positive

• Raised approximately $895 million in a business combination.
• Strong backing from institutional investors in the private placement.
• UWM recognized as the #1 wholesale mortgage lender in the U.S.

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• None.

UWM Holdings Corporation (“UWM”), the parent of United Wholesale Mortgage, the #1 wholesale and purchase mortgage lender in the U.S., today rang the bell at the New York Stock Exchange (“NYSE”) commemorating its first day of trading on the NYSE under the ticker symbol “UWMC” and the closing of its previously announced business combination with Gores Holdings IV, Inc. ("Gores Holdings IV"). Mat Ishbia, UWM president and CEO, rang the bell alongside Jeff Ishbia, founder and board member, Melinda Wilner, chief operating officer, and Alex Elezaj, chief strategy officer.

Mat Ishbia along with UWM executives ringing the bell at the NYSE (Photo: Business Wire)

The transaction, which resulted in UWM receiving approximately $895 million (net of expenses) which includes approximately $395 million of cash from Gores Holdings IV, as well as $500 million in proceeds from the private placement completed in connection with the Business Combination, which included top-tier institutional investors.

Mat Ishbia, UWM’s president and CEO, stated: “The energy at the New York Stock Exchange was electric today and marked the beginning of our journey as a public company. Today signifies the launch of us growing mortgage brokers and their businesses across America at the highest level while continuing to develop long term value for all our shareholders.”

Founded in 1986, UWM is the largest wholesale mortgage and purchase originator in the United States with more than 8,000 dedicated team members. UWM’s differentiated business model focuses exclusively on providing wholesale independent mortgage brokers with superior service and proprietary technology, enabling them to offer a best-in-class borrower experience.

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWM) is the publicly traded indirect parent of United Wholesale Mortgage. UWM is the #1 wholesale lender in the nation six years in a row, providing state-of-the-art technology and unrivaled client service. UWM is known for its highly efficient, accurate and expeditious lending support, UWM underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks and local credit unions. UWM's exceptional teamwork and laser-like focus on delivering innovative mortgage solutions are driving the company's ongoing growth and its leadership position as the foremost advocate for mortgage brokers. For more information, visit www.uwm.com or call 800-981-8898. NMLS #3038.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210122005383/en/

FAQ

What is UWM's stock symbol?

UWM's stock symbol is UWMC.

How much did UWM raise in its business combination?

UWM raised approximately $895 million in its business combination.

Who rang the bell for UWM's first day on the NYSE?

Mat Ishbia, UWM's president and CEO, rang the bell with other executives.

What position does UWM hold in the mortgage industry?

UWM is the #1 wholesale and purchase mortgage lender in the U.S.

When did UWM begin trading on the NYSE?

UWM began trading on the NYSE on the day they rang the bell, marking their first day as a public company.