MW Gores Holdings stock soars after SPAC's deal to take United Wholesale Mortgage public
Shares of Gores Holdings IV Inc. (GHIV) shot up 16% in premarket trading Wednesday, after the special purpose acquisition company (SPAC), also known as a blank-check company, announced it will take United Wholesale Mortgage public in deal that values the mortgage lender at $16.1 billion. The deal includes $425 million of cash from Gores and a $500 million private placement, which is anchored by "top tier" institutional investors. After the deal, the company will operate under the United Wholesale Mortgage $(UWM)$ name, and the stock will be listed on the Nasdaq under the ticker symbol "UWMC." Michigan-based United Wholesale said it is the largest wholesale mortgage originator in the U.S., and the companies boast that UWM's valuation makes the deal the largest transaction by a SPAC to date. Gores's stock, which went public in March, has gained 7.9% over the past three months through Tuesday, while the Renaissance IPO ETF $(IPO.UK)$ has run up 23.1% and the S&P 500 has gained 5.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
$(END)$ Dow Jones Newswires
September 23, 2020 06:45 ET (10:45 GMT)
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