GHXIU IPO Priced
Gores Holdings XI, a blank check company, prices its $312 million initial public offering on Nasdaq.
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Gores Holdings XI, Inc. priced its initial public offering at $10.00 per unit on June 22, 2026, raising $312 million from 31.2 million units, according to Business Wire. The blank check company — sponsored by an affiliate of Beverly Hills-based private equity firm The Gores Group — began trading on the Nasdaq Global Market under the ticker "GHXIU" on June 23, 2026.
Santander US Capital Markets LLC is acting as the sole underwriter. It also has a 45-day option to buy up to 4.68 million additional units, which could bring total proceeds to nearly $359 million, Business Wire reported.
Inside the $312 Million Blank Check Offering
Each unit is priced at $10.00 and includes a fraction of a warrant. Specifically, each unit carries one-quarter of a warrant, with full warrants exercisable at $11.50 per share, according to Business Wire. The SEC declared the registration statement effective on June 22 at 7:07 PM ET — just hours before the pricing announcement.
A blank check company, also called a SPAC (Special Purpose Acquisition Company), raises money in an IPO with no existing business. It then uses the cash to buy or merge with a private company, taking it public. The roughly $312 million raised will sit in a trust account while the team searches for a target, per the SEC Prospectus.
The Gores Group's Long History With SPACs
The Gores Group was founded in 1987 and has invested in more than 135 companies, according to the LA Business Journal. Alec Gores chairs the new entity. Mark Stone, a Senior Managing Director at the firm, serves as CEO. Andrew McBride returns as CFO, a role he has held across multiple Gores blank check vehicles.
Santander's role here is not new. The bank also served as sole underwriter for the $358.8 million Gores Holdings X IPO in May 2025, according to Ropes & Gray. That deal shows the two firms have built a reliable working relationship in the SPAC space.
Mixed Track Record Casts Shadow Over New Raise
Not every Gores SPAC has found a deal. Gores Holdings VII, VIII, and Technology I & II were all liquidated in late 2022 after failing to close mergers, per SEC filings. Investors in those vehicles got their $10.00 per share back, plus interest — but nothing more.
Some completed deals have fared far worse. Polestar (PSNY), a 2022 Gores-backed merger, was trading 94% below its $10.00 offer price as of June 2026, according to Renaissance Capital. A 2023 class-action lawsuit over the United Wholesale Mortgage deal also accused the Gores sponsor of providing "false and misleading information" to shareholders, per National Mortgage Professional.
What Comes Next: An 18-Month Clock Starts Now
Gores Holdings XI now has roughly 18 to 24 months to find and complete a merger. Based on the firm's history, analysts expect the team to target a corporate carve-out or business transformation deal in the industrial or tech sectors, according to the LA Business Journal. If no deal closes, the company must liquidate — likely by mid-2028 — and return $10.00 per share plus interest to stockholders, per the SEC Prospectus.
SPACs now make up about 38% of the overall IPO market in 2026, up sharply from a low point in 2024, according to industry analysts cited by SPAC Research. With fewer than 200 active SPACs competing for targets, the environment is far calmer than the 2021 boom — giving well-capitalized sponsors like Gores a cleaner field to work in.
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