14 unchanged sentences
Gores Holdings X, Inc.
−Removed: is a blank check company incorporated as a Cayman Islands exempted company on June 26, 2023.
+Added: is a blank check company incorporated as a Cayman Islands exempted company on September 26, 2023.
The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses .
1 unchanged sentence
Results of Operations
−Removed: For the three months ended June 30, 2025, the Company had a net loss of ($1,737,874) of which ($3,767,400) was a non-cash loss related to the change in fair value of the warrant liability and the remainder are expenses associated with normal operations.
−Removed: For the six months ended June 30, 2025, the Company had a net loss of ($1,791,913) of which ($3,767,400) was a non-cash loss related to the change in fair value of the warrant liability and the remainder are expenses associated with normal operations.
−Removed: For the three months ended June 30, 2024, the Company had no income or expenses.
−Removed: For the six months ended June 30, 2024, the Company had no income or expenses.
+Added: For the three months ended September 30, 2025, the Company had a net loss of ($1,844,678) of which ($1,524,900) was a non-cash loss related to the change in fair value of the warrant liability and the remainder are expenses associated with normal operations.
+Added: For the nine months ended September 30, 2025, the Company had net income of $52,765 of which ($5,292,300) was a non-cash loss related to the change in fair value of the warrant liability and the remainder are expenses associated with normal operations.
+Added: For the three months ended September 30, 2024, the Company had no income or expenses.
+Added: For the nine months ended September 30, 2024, the Company had no income or expenses.
Our business activities during the quarter mainly consisted of preparation for the initial public offering consummated on May 5, 2025 and seeking a target thereafter.
1 unchanged sentence
However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination.
−Removed: As indicated in the accompanying condensed unaudited financial statements, at June 30, 2025, the Company had $2,774 in cash.
+Added: As indicated in the accompanying condensed unaudited financial statements, at September 30, 2025, the Company had $208,222 in cash.
Further, we expect to continue to incur significant costs in the pursuit of our acquisition plans.
9 unchanged sentences
Off-Balance Sheet Arrangements
−Removed: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2025.
+Added: We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025.
We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.
2 unchanged sentences
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an aggregate of $20,000 per month for office space, utilities, and secretarial and administrative support.
−Removed: As of June 30, 2025, no amounts had accrued under this agreement.
+Added: As of September 30, 2025, no amounts had accrued under this agreement.
The underwriters are entitled to a deferred underwriting discount of $10,764,000 (3.0% of the gross proceeds of the Initial Public Offering held in the Trust Account) upon the completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement.
7 unchanged sentences
Actual results could materially differ from those estimates.
−Removed: As of June 30, 2025, we did not have any critical accounting estimates to be disclosed.
+Added: As of September 30, 2025, we did not have any critical accounting estimates to be disclosed.
Class A Ordinary Shares Subject to Possible Redemption
−Removed: We account for our ordinary shares subject to possible conversion in accordance with the guidance in Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and measured at fair value.
+Added: We account for our ordinary shares subject to possible conversion in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Ordinary shares subject to mandatory redemption are classified as a liability instrument and measured at fair value.
Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) are classified as temporary equity.
7 unchanged sentences
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”.
−Removed: For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations.
+Added: For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the condensed statements of operations.
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.
14 unchanged sentences
rates, commodity prices and/or equity prices.
−Removed: Our business activities for the period ended June 30, 2025 consisted solely of organizational activities and activities relating to our Public Offering.
−Removed: We have not engaged in any hedging activities during the period ended June 30, 2025.
+Added: Our business activities for the period ended September 30, 2025 consisted solely of organizational activities and activities relating to our Public Offering.
+Added: We have not engaged in any hedging activities during the period ended September 30, 2025.
We do not expect to engage in any hedging activities with respect to the market risk to which we are exposed.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.