Gores Holdings X, Inc. (GTEN), a blank-check company seeking a Business Combination, reported net income of $3,012,931 for the quarter ended September 30, 2026, versus $1,843,616 a year earlier, and $9,424,632 for the nine months, versus $51,703. The nine-month result included $9,791,712 of Trust Account interest and a $3,229,200 noncash gain from the change in public warrant fair value. As of September 30, 2026, the company had not commenced operations or generated operating revenue.
At September 30, 2026, GTEN had $96,523 in cash, $377,503,360 in Trust Account investments and a $5,276,577 working capital deficit. Management said there was substantial doubt about its ability to continue as a going concern while it pursues a Business Combination. The deadline is May 5, 2027, or August 5, 2027 if it has executed a definitive agreement for an initial Business Combination by May 5, 2027. For the 2025 quarter, loss per share for each class was restated from $(0.65) to $(0.04) after calculation errors management deemed material to previously issued financial statements.
Gores Holdings X, Inc. (GTEN) said its unaudited financial statements for the three months ended September 30, 2025 should no longer be relied upon after an error in allocating accretion to ordinary-share classes. The calculation used $31,069,071 of year-to-date accretion instead of $3,597,152 for the quarter, overstating the allocation by $27,471,919. Basic and diluted net loss per share for each class for the quarter was corrected from $(0.65) to $(0.04).
For the nine months ended September 30, 2025, diluted weighted-average Class B shares were corrected from 8,970,000 to 8,438,571, and diluted net loss per Class B share from $(1.08) to $(1.10); basic net loss per share remained $(1.10). The company said the errors did not affect net income/(loss), balance sheets, cash flows, trust-account funds or Class A redemption value. It included corrected figures as comparatives in its 2026 third-quarter report and does not intend to amend the 2025 report. Management identified a material weakness in review of per-share calculations, concluded disclosure controls were ineffective as of September 30, 2026, and began remediation.
Gores Holdings X, Inc. has a significant shareholder group led by Fort Baker Capital Management LP, which directly holds 3,346,482 Class A Ordinary Shares. This position represents 9.3% of the Class A Ordinary Shares, based on 36,105,000 shares outstanding as of July 24, 2026.
Fort Baker Capital Management LP, its general partner Fort Baker Capital, LLC, and Steven Patrick Pigott (Limited Partner/Chief Investment Officer) report shared voting and dispositive power over 3,346,482 shares and no sole voting or dispositive power. They file jointly, state they are not part of a group, and each disclaims beneficial ownership beyond their pecuniary interest.
Gores Holdings X, Inc., a Cayman Islands-based blank check company, reported net income of $264,623 for the quarter and $6,411,701 for the six months ended June 30, 2026. Results were driven primarily by $6,429,691 of interest income on funds in the Trust Account, partially offset by $1,542,890 of professional fees and other expenses and a non-cash warrant remeasurement (including a $1,524,900 gain over the six-month period).
As of June 30, 2026, the company held $374,141,338 in its Trust Account and $194,541 in cash outside the trust, with total assets of $374,604,157. Class A ordinary shares subject to possible redemption totaled $373,777,053 (35,880,000 shares at $10.42 per share). Current liabilities were $3,686,004, resulting in a working capital deficit of $(3,223,185).
The company has not yet completed a Business Combination and generates no operating revenues, only interest on trust investments. It must close an initial Business Combination by May 5, 2027 (or August 5, 2027 if a definitive agreement is executed by May 5, 2027), or redeem all public shares and liquidate, at which point the warrants will expire worthless. Management states that the limited time remaining to complete a transaction and the working capital deficit raise substantial doubt about its ability to continue as a going concern.
Gores Holdings X, Inc. ownership disclosure: Fort Baker Capital Management LP reports beneficial ownership of 2,315,190 Class A ordinary shares, representing 6.4% of the class. The filing cites 36,105,000 Class A shares outstanding as of March 27, 2026 from the issuer's Form 10-K.
The Schedule 13G is filed jointly by Fort Baker Capital Management LP, Fort Baker Capital, LLC and Steven Patrick Pigott, who is identified as Chief Investment Officer and reports shared voting and dispositive power over the disclosed shares.
Barclays PLC reports beneficial ownership of 2,308,063 shares of GORES HOLDINGS X INC-CL A, representing 6.39% of the class as shown on 03/31/2026. The filing states Barclays has sole voting and sole dispositive power over these shares and identifies Barclays Bank PLC as the relevant subsidiary. The schedule is signed by Ramya Rao, Director, dated 05/14/2026.
Gores Holdings X (Nasdaq: GTENU) filed an 8-K to announce that holders of its SPAC units may separately trade the underlying Class A ordinary shares (GTEN) and whole warrants (GTENW) beginning June 23 2025. Unit holders must instruct their brokers to contact transfer agent Computershare to complete the split; any units left intact will continue to trade under the existing GTENU symbol. No fractional warrants will be issued.
The filing is limited to this procedural update—there are no financial results, major transactions, or risk factors disclosed. Exhibit 99.1 contains the related press release.