Gores Holdings X, Inc. (the "Company") is a blank check company incorporated as a Cayman Islands exempted company on June 26, 2023. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses ("Business Combination"). We have neither engaged in any operations nor generated any revenue to date. Based on our business activities, we are a "shell company" as defined under the Securities Exchange Act of 1934, as amended (the "Exchange Act") because we have no operations and nominal assets consisting solely of cash and/or cash equivalents.
On June 30, 2023, the Sponsor paid $25,000 to cover certain of the Company's offering costs in consideration of 11,500,000 founder shares. On February 3, 2025, the Sponsor surrendered for no consideration 4,025,000 founder shares. On May 1, 2025, the Company effected a stock dividend with respect to its Class B Ordinary Shares of 1,495,000 shares thereof, resulting in an aggregate of 8,970,000 outstanding shares of Class B Ordinary Shares. Up to 1,170,000 of the founder shares were subject to surrender for no consideration depending on the extent to which the underwriter's over-allotment is exercised. Pursuant to the Public Offering, the Underwriter fully exercised its over-allotment option; therefore, the 1,170,000 shares are no longer subject to forfeiture. Prior to the initial investment in the company of $25,000 by the Sponsor, the Company had no assets, tangible or intangible. The per share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the aggregate number of founder shares issued. The number of founder shares outstanding following the surrender on February 3, 2025 and dividend on May 1, 2025 was determined based on the total size of the Public Offering of 35,880,000 shares (considering the exercise of the full underwriter's over-allotment option), and therefore that such founder shares represent 20.00% of the outstanding shares (excluding the private placement shares).
