Gores Holdings XI (GHXIU) director reports 25K convertible Class B shares
Rhea-AI Filing Summary
Gores Holdings XI, Inc. director Keith Covington filed an initial ownership report showing he holds 25,000 Class B ordinary shares. These Class B shares are convertible into 25,000 Class A ordinary shares at any time at his option on a one-for-one basis.
The Class B shares will also automatically convert into Class A shares on the company’s initial business combination, again on a one-for-one basis, with potential adjustments described in the company’s Form S-1 registration statement.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
COVINGTON KEITH
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Class B Ordinary Shares, par value $0.0001 per share | -- | -- | -- |
Holdings After Transaction:
Class B Ordinary Shares, par value $0.0001 per share — 25,000 shares (Direct)
Footnotes (1)
- F1. The reporting person owns 25,000 Class B ordinary shares, par value $0.0001 per share ("Class B Shares"), of the Issuer. Such Class B Shares have no expiration date and (i) are convertible into Class A ordinary shares, par value $0.0001 per share ("Class A Shares"), of the Issuer at any time at the option of the holder on a one-for-one basis and (ii) will automatically convert into Class A Shares at the time of the Issuer's initial business combination on a one-for one basis, in each case, subject to adjustment as described under the heading "Description of Securities-Founder Shares and Private Placement Shares" in the Issuer's registration statement on Form S-1 (File No. 333-296462).
Key Figures
Class B shares owned: 25,000 shares
Underlying Class A shares: 25,000 shares
Exercise/Conversion price: $0.0000 per share
3 metrics
Class B shares owned
25,000 shares
Class B ordinary shares reported on Form 3
Underlying Class A shares
25,000 shares
One-for-one conversion from Class B to Class A
Exercise/Conversion price
$0.0000 per share
Stated conversion/exercise price for Class B into Class A
Key Terms
Class B ordinary shares, convertible, initial business combination, Form S-1, +1 more
5 terms
convertible financial
"Such Class B Shares have no expiration date and (i) are convertible into Class A ordinary shares"
A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.
initial business combination financial
"will automatically convert into Class A Shares at the time of the Issuer's initial business combination"
An initial business combination is the deal in which a special-purpose acquisition company (SPAC) merges with or acquires an operating business to bring that business onto public markets. Think of the SPAC as an empty shell that raises money from investors, then uses that cash to buy a private company—this transaction turns the private company into a public one and often changes its ownership, valuation, and access to capital, so investors should watch for shifts in risk, future growth prospects, and shareholder rights.
Form S-1 regulatory
"as described under the heading "Description of Securities-Founder Shares and Private Placement Shares" in the Issuer's registration statement on Form S-1"
A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What does Keith Covington report owning in Gores Holdings XI (GHXIU)?
Keith Covington reports owning 25,000 Class B ordinary shares of Gores Holdings XI. These Class B shares are a separate class that can convert into Class A ordinary shares on a one-for-one basis, giving him equivalent economic exposure to 25,000 Class A shares.