Vertiv Holdings Co Quarterly Report for Q3 Ended Sep 30, 2019

Summary

Vertiv Holdings Co (VRT), operating as a blank check company (GS Acquisition Holdings Corp.) at the time of this filing, reported a net income of $7.57 million for the nine months ended September 29, 2019, an increase from $2.68 million in the prior year period. This income was solely derived from dividends earned, as the company's primary activity remains the identification and evaluation of potential acquisition targets for an Initial Business Combination. The company held approximately $194,528 in cash and cash equivalents outside of its trust account, which contained $690 million, as of September 30, 2019. A significant note for investors is the company's going concern status, with a stated deadline of June 12, 2020, to complete an Initial Business Combination. Failure to do so would trigger dissolution and redemption of public shares, raising substantial doubt about its ability to continue as an ongoing business.

Key Highlights

• 1Net income for the nine months ended September 29, 2019, was $7.57 million, up from $2.68 million in the same period of 2018, primarily from dividend income.
• 2The company is a blank check company (SPAC) focused on identifying and completing an Initial Business Combination.
• 3As of September 30, 2019, cash and cash equivalents outside the trust account were $194,528, with $690 million held in a trust account.
• 4The company faces substantial doubt regarding its ability to continue as a going concern, with a deadline of June 12, 2020, to complete an Initial Business Combination.
• 5Failure to complete a business combination by the deadline will result in the redemption of public shares and dissolution of the company.
• 6The company has no significant market risk exposure due to its investment of proceeds in money market funds.
• 7Deferred underwriting discounts of $24.15 million are payable upon the completion of the Initial Business Combination.

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