Nov 9, 4:55 PM ET
Gores Holdings X restates Q3 2025 per-share loss and reports material weakness
Gores Holdings X said its unaudited financial statements for the three months ended September 30, 2025 should no longer be relied upon because of an error in calculating net loss per ordinary share. The restated basic and diluted net loss per share for that quarter is $(0.04), down from the previously reported $(0.65), while net income, the balance sheet and Trust Account amounts were not affected. Management also concluded that disclosure controls were not effective as of September 30, 2026 because of a material weakness in a review control.
- Accretion of Class A shares was overstated by $27,471,919, with $31,069,071 reported instead of $3,597,152 for the three-month period.
- Basic and diluted net loss per share for the three months ended September 30, 2025 is restated from $(0.65) to $(0.04).
- Nine-month diluted Class B net loss per share is corrected from $(1.08) to $(1.10); the company says the error is not material.
- The company has begun remediation, and WithumSmith+Brown has been briefed on the matter; the Q3 2026 Form 10-Q was filed November 9, 2026.