Gores Holdings IX Announces Receipt of Nasdaq Listing Delay Notification Letter

BOULDER, Colo.–(BUSINESS WIRE)–Gores Holdings IX, Inc. (Nasdaq: GHIX) (the “Company”) today announced that it received a late notice letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on September 9, 2024 due to the Company’s failure to comply with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) due to the Company’s failure to file its quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2024 (the “Q2 2024 Form 10-Q”). The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). The Notice has no immediate effect on the listing of the Company’s securities on Nasdaq. However, if the Company fails to return to compliance with this rule in time, its securities may be subject to delisting from Nasdaq.

The notice provides that the company has 60 calendar days to submit a plan to Nasdaq to regain compliance; if the plan is accepted, Nasdaq may grant an exception of up to 180 days from the due date of the second quarter 2024 Form 10-Q, or until February 10, 2025, to regain compliance.

As previously described in the Company’s Current Report on Form 8-K, filed with the SEC on August 29, 2024, the Company’s failure to timely file its second quarter 2024 Form 10-Q was due to the discovery of potential errors in the accounting for the Company’s tax provision, which the Audit Committee of the Company’s Board of Directors determined impacted the Company’s previously filed annual and quarterly reports. The Company is currently working diligently with its independent registered public accounting firm to complete the necessary audits and restatements to file its second quarter 2024 Form 10-Q and other amended periodic filings, and will provide Nasdaq with its plan to return to compliance by the applicable deadline.

Forward-Looking Statements

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We intend that these forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company urges caution in relying on forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to: the completion of the Company’s review of accounting matters and the audit of the Company’s financial statements; the Company’s plans and timing for the filing of its Form 10-Q for the second quarter of 2024 and its Form 10-K/A for the year ended December 31, 2023 with restated results; expectations regarding the impact of the adjustments on the Company’s financial statements; and the Company’s plans, objectives and intentions that are generally not historical facts. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking statement, including, without limitation: the ultimate outcome of the evaluation of accounting matters and the impact of the adjustments on the Company’s financial statements; the discovery of additional and unanticipated information in the reevaluation and audit of the Company’s financial statements, including its assessment of the effectiveness of internal control over financial reporting; changes in assumptions regarding the impact of the valuation on the Company’s financial results; the application of accounting or tax principles in unexpected ways; the possibility that Nasdaq may delist the Company’s securities; risks related to the Company’s ability to implement and maintain effective internal control over financial reporting in the future; and the impact of these factors on the Company’s performance and prospects. See also the other risks described in the “Risk Factors” section of the Company’s filings with the SEC, including its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023, and any subsequent reports filed with the SEC. All forward-looking statements contained in this press release are based on information available to the Company as of the date hereof. The Company expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contacts

Jennifer Kwon Chou, [email protected]