Six Gores Group SPACs in Boulder issued delisting warnings
BOULDER — The six special purpose acquisition companies operated by the Los Angeles-based private-equity firm Gores Group have received delisting warnings from the Nasdaq Capital Market after failing to make regular filings on time.
All of the delisting notices were disclosed to the U.S. Securities and Exchange Commission on Thursday and are virtually identical in saying that the SPACs received the notice because they did not file quarterly reports on time.
Each SPAC’s disclosure said it was unable to make the quarterly filings because the SEC issued a statement in April that requires SPACs to list warrants purchased during an initial public offering and in private placement deals to be listed as derivative liabilities.
The SPACs have until July 20 to notify the Nasdaq of their plans to regain compliance, and could receive an exemption until mid-November to file the quarterly report. In the meantime, the SPACs will continue to trade as usual.
Special purpose acquisition companies, or SPACs, are shells that are listed on public exchanges and later acquire or merge with companies looking to go public outside of the normal procedures of an initial public offering.
These vehicles became extremely popular in 2020, including among investors and companies along the Front Range
The Gores Group’s SPACs in Boulder include Gores Holdings VI Inc. (Nasdaq: GHVI), Gores Holdings VII Inc. (Nasdaq: GSEV), Gores Holdings VIII Inc. (Nasdaq: GIIX), Gores Technology Partners Inc. (Nasdaq: GTPA), Gores Technology Partners II Inc. (Nasdaq: GTPB) and Gores Guggenheim Inc. (Nasdaq: GPPI).
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BOULDER — The six special purpose acquisition companies operated by the Los Angeles-based private-equity firm Gores Group have received delisting warnings from the Nasdaq Capital Market after failing to make regular filings on time.
All of the delisting notices were disclosed to the U.S. Securities and Exchange Commission on Thursday and are virtually identical in saying that the SPACs received the notice because they did not file quarterly reports on time.
Each SPAC’s disclosure said it was unable to make the quarterly filings because the SEC issued a statement in April that requires SPACs to list warrants purchased during an initial…
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