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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM         TO        

Commission File Number: 001-39189

 

GORES HOLDINGS IV, INC.

(Exact name of registrant as specified in its Charter)

 

 

Delaware

 

84-2124167

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

9800 Wilshire Blvd.

 

 

Beverly Hills, CA

 

90212

(Address of principal executive offices)

 

(Zip Code)

 

(310) 209-3010

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbols

 

Name of each exchange on which registered

Class A Common Stock

 

GHIV

 

Nasdaq Capital Market

Warrants

 

GHIVW

 

Nasdaq Capital Market

Units

 

GHIVU

 

Nasdaq Capital Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). YES  NO 

As of November 5, 2020, there were 42,500,000 shares of the Company’s Class A common stock, par value $0.0001 per share, and 10,625,000 shares of the Company’s Class F common stock, par value $0.0001 per share, issued and outstanding.

 

 


 

TABLE OF CONTENTS

 

 

Page

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

Balance Sheets (Unaudited)

3

 

 

Statements of Operations (Unaudited)

4

 

 

Statements of Changes in Stockholders’ Equity (Unaudited)

5

 

 

Statements of Cash Flows (Unaudited)

6

 

 

Notes to Interim Financial Statements (Unaudited)

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

23

 

 

 

Item 4.

Controls and Procedures

24

 

 

PART II—OTHER INFORMATION

25

 

 

 

Item 1.

Legal Proceedings

25

 

 

 

Item 1A.

Risk Factors

25

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

25

 

 

 

Item 3.

Defaults Upon Senior Securities

26

 

 

 

Item 4.

Mine Safety Disclosures

26

 

 

 

Item 5.

Other Information

26

 

 

 

Item 6.

Exhibits

27

 

 

2


GORES HOLDINGS IV, INC.

BALANCE SHEETS

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

(audited)

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

222,372

 

 

$

 

1,120

 

Deferred offering costs

 

 

 

 

 

 

 

411,374

 

Prepaid assets

 

 

 

250,861

 

 

 

 

 

Total current assets

 

 

 

473,233

 

 

 

 

412,494

 

Investments and cash held in Trust Account

 

 

 

425,323,144

 

 

 

 

 

Total assets

 

$

 

425,796,377

 

 

$

 

412,494

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

Accrued expenses, formation and offering costs

 

$

 

3,237,605

 

 

$

 

274,666

 

State franchise tax accrual

 

 

 

150,000

 

 

 

 

1,830

 

Income tax payable

 

 

 

114,395

 

 

 

 

 

Notes payable – related party

 

 

 

1,000,000

 

 

 

 

150,000

 

Total current liabilities

 

 

 

4,502,000

 

 

 

 

426,496

 

Deferred underwriting compensation

 

 

 

14,875,000

 

 

 

 

 

Total liabilities

 

$

 

19,377,000

 

 

$

 

426,496

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies:

 

 

 

 

 

 

 

 

 

 

Class A subject to possible redemption, 40,141,937 and -0- shares at September 30, 2020 and December 31, 2019, respectively (at redemption value of $10 per share)

 

 

 

401,419,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

Class A common stock, $0.0001 par value; 200,000,000 shares authorized, 2,358,063 and -0- shares issued and outstanding (excluding 40,141,937 and -0- shares subject to possible redemption) at September 30, 2020 and December 31, 2019, respectively

 

 

 

236

 

 

 

 

 

Class F common stock, $0.0001 par value; 20,000,000 shares authorized, 10,625,000 and 11,500,000 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

 

1,063

 

 

 

 

1,150

 

Additional paid-in-capital

 

 

 

9,918,588

 

 

 

 

23,850

 

Accumulated deficit

 

 

 

(4,919,880

)

 

 

 

(39,002

)

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

 

5,000,007

 

 

 

 

(14,002

)

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

 

425,796,377

 

 

$

 

412,494

 

 

See accompanying notes to the unaudited, interim financial statements.

3


GORES HOLDINGS IV, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period from

 

 

 

Three

 

 

Three

 

 

Nine

 

 

June 12, 2019

 

 

 

Months Ended

 

 

Months Ended

 

 

Months Ended

 

 

(inception) through

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

Professional fees and other expenses

 

 

 

(5,338,410

)

 

 

 

(20,514

)

 

 

 

(5,709,435

)

 

 

 

(20,514

)

State franchise taxes, other than income tax

 

 

 

(50,000

)

 

 

 

(717

)

 

 

 

(150,000

)

 

 

 

(717

)

     Net loss from operations

 

 

 

(5,388,410

)

 

 

 

(21,231

)

 

 

 

(5,859,435

)

 

 

 

(21,231

)

Other income - interest and dividend income

 

 

 

39,551

 

 

 

 

 

 

 

 

1,092,952

 

 

 

 

 

     Loss before income taxes

 

$

 

(5,348,859

)

 

$

 

(21,231

)

 

$

 

(4,766,483

)

 

$

 

(21,231

)

Income tax expense

 

 

 

(287

)

 

 

 

 

 

 

 

(114,395

)

 

 

 

 

     Net loss attributable to common shares

 

$

 

(5,349,146

)

 

$

 

(21,231

)

 

$

 

(4,880,878

)

 

$

 

(21,231

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per ordinary share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Class A ordinary shares - basic and diluted

 

$

 

(0.10

)

 

$

 

-

 

 

$

 

(0.09

)

 

$

 

-

 

   Class F ordinary shares - basic and diluted

 

$

 

(0.10

)

 

$

 

(0.00

)

 

$

 

(0.12

)

 

$

 

(0.00

)

 

See accompanying notes to the unaudited, interim financial statements.

 

 

4


GORES HOLDINGS IV, INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

Three Months Ended September 30, 2019

 

 

 

Class A Common Stock

 

 

Class F Common Stock

 

 

Additional

 

 

(Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Deficit)

 

 

Equity

 

Beginning Balance at July 1, 2019

 

 

-

 

 

$

 

-

 

 

 

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

Sale of Class F common stock to Sponsor in July 2019 at $.0001 par value

 

 

-

 

 

 

 

-

 

 

 

 

11,500,000

 

 

 

 

1,150

 

 

 

 

23,850

 

 

 

 

-

 

 

 

 

25,000

 

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(21,231

)

 

 

 

(21,231

)

Balance at September 30, 2019

 

 

-

 

 

$

 

-

 

 

 

 

11,500,000

 

 

$

 

1,150

 

 

$

 

23,850

 

 

$

 

(21,231

)

 

$

 

3,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Period from June 12, 2019 (inception) through September 30, 2019

 

 

 

Class A Common Stock

 

 

Class F Common Stock

 

 

Additional

 

 

(Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Deficit)

 

 

Equity

 

Balance at June 12, 2019 (inception)

 

 

-

 

 

$

 

-

 

 

 

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

Sale of Class F common stock to Sponsor in July 2019 at $.0001 par value

 

 

-

 

 

 

 

-

 

 

 

 

11,500,000

 

 

 

 

1,150

 

 

 

 

23,850

 

 

 

 

-

 

 

 

 

25,000

 

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(21,231

)

 

 

 

(21,231

)

Balance at September 30, 2019

 

 

-

 

 

$

 

-

 

 

 

 

11,500,000

 

 

$

 

1,150

 

 

$

 

23,850

 

 

$

 

(21,231

)

 

$

 

3,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/

 

 

 

 

 

 

 

 

Class A Common Stock

 

 

Class F Common Stock

 

 

Additional

 

 

(Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Deficit)

 

 

Equity

 

Beginning Balance at July 1, 2020

 

 

1,823,148

 

 

$

 

182

 

 

 

 

10,625,000

 

 

$

 

1,063

 

 

$

 

4,569,492

 

 

$

 

429,266

 

 

$

 

5,000,003

 

Class A common stock subject to possible redemption; 40,141,937 shares at a redemption price of $10.00

 

 

534,915

 

 

 

 

54

 

 

 

 

-

 

 

 

 

-

 

 

 

 

5,349,096

 

 

 

 

-

 

 

 

 

5,349,150

 

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(5,349,146

)

 

 

 

(5,349,146

)

Balance at September 30, 2020

 

 

2,358,063

 

 

$

 

236

 

 

 

 

10,625,000

 

 

$

 

1,063

 

 

$

 

9,918,588

 

 

$

 

(4,919,880

)

 

$

 

5,000,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

Class A Common Stock

 

 

Class F Common Stock

 

 

Additional

 

 

(Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Deficit)

 

 

Equity

 

Beginning Balance at January 1, 2020

 

 

-

 

 

$

 

-

 

 

 

 

11,500,000

 

 

$

 

1,150

 

 

$

 

23,850

 

 

$

 

(39,002

)

 

$

 

(14,002

)

Proceeds from initial public offering of Units on January 28, 2020 at $10.00 per Unit

 

 

42,500,000

 

 

 

 

4,250

 

 

 

 

-

 

 

 

 

-

 

 

 

 

424,995,750

 

 

 

 

-

 

 

 

 

425,000,000

 

Sale of 5,250,000 Private Placement Warrants to Sponsor on January 27, 2020 at $2.00 per Private Placement Warrant

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

10,500,000

 

 

 

 

-

 

 

 

 

10,500,000

 

Underwriters discounts

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(8,500,000

)

 

 

 

-

 

 

 

 

(8,500,000

)

Offering costs charged to additional paid-in capital

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(810,743

)

 

 

 

-

 

 

 

 

(810,743

)

Deferred underwriting compensation

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(14,875,000

)

 

 

 

-

 

 

 

 

(14,875,000

)

Forfeited Class F Common stock by Sponsor

 

 

-

 

 

 

 

-

 

 

 

 

(875,000

)

 

 

 

(87

)

 

 

 

87

 

 

 

 

-

 

 

 

 

-

 

Class A common stock subject to possible redemption; 40,141,937 shares at a redemption price of $10.00

 

 

(40,141,937

)

 

 

 

(4,014

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(401,415,356

)

 

 

 

-

 

 

 

 

(401,419,370

)

Net loss

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(4,880,878

)

 

 

 

(4,880,878

)

Balance at September 30, 2020

 

 

2,358,063

 

 

$

 

236

 

 

 

 

10,625,000

 

 

$

 

1,063

 

 

$

 

9,918,588

 

 

$

 

(4,919,880

)

 

$

 

5,000,007

 

 

See accompanying notes to the unaudited, interim financial statements

 

5


GORES HOLDINGS IV, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

For the Period from

 

 

 

 

 

 

 

 

June 12, 2019

 

 

 

Nine Months Ended

 

 

(inception) through

 

Cash flows from operating activities:

 

September 30, 2020

 

 

September 30, 2019

 

Net loss

 

$

 

(4,880,878

)

 

$

 

(21,231

)

Changes in state franchise tax accrual

 

 

 

148,170

 

 

 

 

717

 

Changes in prepaid assets

 

 

 

(250,861

)

 

 

 

 

Changes in accrued expenses, formation and offering costs

 

 

 

3,374,313

 

 

 

 

(65,500

)

Changes in income tax payable

 

 

 

114,395

 

 

 

 

 

Net cash used in operating activities

 

 

 

(1,494,861

)

 

 

 

(86,014

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

Cash deposited in Trust Account

 

 

 

(425,000,000

)

 

 

 

 

Interest and dividends reinvested in the Trust Account

 

 

 

(323,144

)

 

 

 

 

Net cash used in investing activities

 

 

 

(425,323,144

)

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of Units in initial public offering

 

 

 

425,000,000

 

 

 

 

 

Proceeds from sale of Private Placement Warrants to Sponsor

 

 

 

10,500,000

 

 

 

 

 

Proceeds from notes payable – related party

 

 

 

1,000,000

 

 

 

 

25,000

 

Repayment of notes payable – related party

 

 

 

(150,000

)

 

 

 

150,000

 

Payment of underwriters’ discounts and commissions

 

 

 

(8,500,000

)

 

 

 

 

Payment of accrued offering costs

 

 

 

(810,743

)

 

 

 

 

Net cash provided by financing activities

 

 

 

427,039,257

 

 

 

 

175,000

 

Increase in cash

 

 

 

221,252

 

 

 

 

88,986

 

Cash at beginning of period

 

 

 

1,120

 

 

 

 

 

Cash at end of period

 

$

 

222,372

 

 

$

 

88,986

 

Supplemental disclosure of non-cash financing activities:

 

 

 

 

 

 

 

 

 

 

Deferred underwriting compensation

 

$

 

14,875,000

 

 

$

 

 

Cash paid for income and state franchise taxes

 

$

 

1,830

 

 

$

 

 

Deferred offering costs charged to paid-in capital

 

$

 

411,374

 

 

$

 

209,687

 

 

See accompanying notes to the unaudited, interim financial statements.

6


GORES HOLDINGS IV, INC.