United Wholesale Mortgage, the No. 1 wholesale mortgage originator in the U.S., is becoming a publicly traded company. It announced that it will merge with a special purpose acquisition company (SPAC), Gores Holdings IV (NASDAQ: GHIV) , which is listed on the Nasdaq.
SPACs are all the rage at the moment. This is because they allow companies to go public without undergoing a traditional initial public offering (IPO), which can take months to arrange and cost millions of dollars in fees to underwriting banks. SPACs are created expressly as vehicles for an existing business to park itself into.
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For further details see:
Wholesale Mortgage Giant Going Public in Largest SPAC Deal in History