Gores Group Spac To Have Merger Vote July 20

Regular annual dividends are expected to be declared and paid quarterly starting in the first quarter following consummation of the Business Combination, based on the preceding quarter’s results, with a record date on or shortly after announcement of UWMC’s quarterly financial results. Will change its name, trading symbol and CUSIP to UWM Holdings Corporation , CUSIP 91823B109. As a result, option symbol GHIV will also change to UWMC effective at the opening of business on January 22, 2021. The short answer as to why Matterport dropped is that the third-quarter earnings report that it released after the close of trading Wednesday disappointed investors. There are other applications in other areas such as construction, restoration, and facilities management. In fact, there may be so much more real-world applications that can be integrated with virtual models — the use case here seems limitless and that presents growth opportunities for Matterport.

Only when serious buyers want to finalize a deal should they be welcomed to inspect the space more thoroughly. Otherwise, window shoppers can immerse themselves in virtual tours without having to waste agents’ time. Companies that facilitate these deals — such as Gore Holdings VI in this case — exist purely to merge. They don’t do, produce or create anything, but rather form and go public, thus taking on the burden of initially getting onto the stock market.

In 2025, the company projects revenue of $747.3 million and an attractive gross margin of 73 percent. It expects to turn EBITDA positive in 2024 and foresees an EBITDA of $78.5 million in 2025. Despite the drop since February, though, assuming share prices hold steady in the coming days the investors that agreed to buy Matterport shares for $10 a pop stand to make a profit. Those investors include an array of big-name firms including Tiger Global Management, Senator Investment Group, Dragoneer Investment Group, Fidelity Management & Research Company and others. In the case of Gore Holdings VI, shares were trading at around $14 Thursday, with less than 24 hours before the company officially merged with Matterport.

Matterport was founded in 2011 and has established itself as the market leader in the spatial data category by turning physical spaces into an interactive 3D digital twin (a digital copy of a real-world place or object). When Matterport was first founded 10 years ago, the concept of virtual commercial property tours were not just uncommon, but frowned upon by the industry. After a decade of digital transformation for the company, combined with a wider acceptance of proptech, the stage has been set for expansion. Last week, the firm went public through a SPAC merger with Gores Holdings VI, where it hopes to continue to expand its reach after a year of rapid growth. Terms call for Matterport to receive the proceeds from a $295 million PIPE as well as the approximately $345 million in cash held in the Gores VI trust account.

The court bifurcated the claims and held an expedited trial on the limited issue of whether Brown was bound by the transfer restrictions. CCIV stock is dropping due to a market sell-off in small-cap and growth stocks, as well as bearish sentiment building ahead of the shareholder merger vote. The significant fall has pushed CCIV below its 50- and 200-day moving averages, though it now looks to be much more reasonably valued.

Matterport’s growth, while exciting, has not been without its challenges. When Matterport’s technology first debuted, a camera could cost around $3,500–a sizable expense for marketing teams. Additionally, the industry was originally skeptical of such technologies, believing that the implementation of such tech would negatively impact the brokerage sector. Matterport’s app debuted at the beginning of 2020 and saw quick success. The company grew from about 13,000 customers to more than 330,000, signing up more customers than its previous eight years in business combined. 13 percent of Fortune 1000 companies have also signed on to use Matterport.

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Matterport aims to capture these two trends by offering real estate owners the ability to create 3D virtual models of physical spaces. Despite its market leadership, vast applications, and huge spatial data library, competitive threats and valuation risks remain — proceed with caution. Reliable and diverse digital twins are used to train robots for indoor applications ranging from warehouse operations to customer service. Matterport Inc. today announced that it has completed its business combination with Gores Holdings VI, a special-purpose acquisition company .

  • “The negatives have been baked into the stock, but the potential positives … haven’t,” he said.
  • Datafication — vast spatial data library can be used as another selling point such as real estate consulting, interior design, or infrastructure engineering.
  • Sonder Holdings, Inc., a leading next-generation hospitality company, and Gores Metropoulos II, Inc. announce strategic amendments to the terms of their previous merger agreement.
  • Reliable and diverse digital twins are used to train robots for indoor applications ranging from warehouse operations to customer service.
  • When the transaction is completed, MTTR will join the growing ranks of pure-play spatial computing companies, which include booming companies like PTC, which just joined the S&P 500, and Autodesk.
  • Polestar, global premium EV company, signs definitive agreement to be publicly listed through combination with Gores Guggenheim, Inc., resulting in an implied enterprise value of $20 billion.

Immediately after the business combination—and not to shares which were issuable at such time but not actually issued for some time because the holder failed to exchange their target company shares. In February 2021, Matterport Operating, LLC (“Legacy Matterport”) entered into an agreement to merge with a SPAC, Gores Holding VI, Inc. (“Gores”). The companies also announced Wednesday that Matterport has been adopted by U.K.-based FocalAgent, the largest digital real estate marketing tool in the kingdom. Matterport uses artificial intelligence to create interactive 3D models of physical spaces, such as buildings for lease or sale, allowing potential tenants or buyers to tour the space virtually.

Others say the rise of SPACs is an example of the democratization of equity investing. In connection with the proposed business combination, Gores Holdings VI has filed a registration statement on Form S-4 that includes a proxy statement/prospectus of Gores Holdings VI. The Form S-4 was declared effective by the SEC on June 17, 2021. Gores Holdings VI may also file other documents regarding the proposed business combination with the SEC. The definitive proxy statement/prospectus contains important information about the proposed business combination and the other matters to be voted upon at the Special Meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters.

NVIDIA General Manager of Robotics Says ROS, Simulation Will Advance Robotics in 2022Perception augmented by synthetic data will help make all kinds of robots smarter, says Murali Gopalakrishna, general manager for robotics… Spatial data company’s customer base more than doubled last year; Matterport to begin trading on Nasdaq. HW Media connects and informs decision makers across the housing economy.

As exciting as the future of digitized real estate may be, investors should not be too happy with Matterport’s Q3 earnings. Matterport users can create a digital twin — a digital copy of a real-world place or object — and use their digital twin for business and marketing. In Matterport’s early days the company sold a specialized camera that real https://xcritical.com/ estate agents or hotel owners could use to create accurate three-dimensional walk-throughs of properties. But last year, the company released an iPhone app that allows homeowners to capture a 3D model of their home, which can have a variety of uses such as enabling contractors to bid on a remodelling project without having to visit the home.

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That share price represents a general upward trend since mid May, when shares bottomed out at less than $11, but it’s a considerable drop since February, when news of the Matterport merger propelled prices to more than $24 per share. MTTR stock is up 100% in the past three months, opening at $33.25 on Dec. 1. It set a 52-week high early during the Dec. 1 trading session at $37.60.

matterport spac merger

And last month, Matterport, which makes software for virtual property tours, announced it would merge with a SPAC to go public in a deal valuing the startup at $2.3 billion. Founded in 1987 by Alec Gores, The Gores Group is a global investment firm focused on partnering with differentiated businesses that can benefit from the extensive industry knowledge and decades long experience. Gores Holdings VI and The Gores Group are separate entities with separate management, although there is overlap in size and industry of target acquisition and personnel involved.

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The biggest question is how Matterport will use the cash raised via the SPAC merger. Marketing and improving the 3D technology are worthwhile endeavors, but I am concerned about the company’s cash burn. July Matterport Inc, a Silicon Valley firm whose 3D cameras and software power three-dimensional virtual tours of real estate listings, on Thursday said that it had raised $605 million in a merger with blank check firm Gores Holdings VI (GHVI.O). Gores Holdings VI completed its initial public offering in December 2020, raising approximately $345 million in cash proceeds. The business combination with Matterport was approved at a special meeting of Gores Holdings VI stockholders on July 20.

Pittman says his ambition is for Matterport to eventually host a “3D capture of the built world.” They are ubiquitous in the rapidly expanding sliver of the space they occupy. Brown argued that he held no Matterport shares “immediately following” the July 22, 2021 de-SPAC transaction’s closing. Instead, at that time he held only the right to receive Matterport Class A common shares. He was not actually issued Matterport shares until November 5 at the earliest, after he sent executed letters of transmittal to Matterport’s transfer agent.

matterport spac merger

The court agreed, finding that obtaining shares over 100 days after closing was not “immediately” for purposes of the Lockup Shares provision. Gores Group is led by Alec Gores, who has extensive experience as an entrepreneur, business operator, private equity investor, and now SPAC manager. Second, with a high-growth company like Matterport, it’s important to take a slight revenue miss in a single quarter with a big grain of salt. That’s especially true here since Matterport’s SPAC deal just closed, and the third-quarter numbers don’t yet reflect any impact from the $600 million war chest of growth capital the company now has access to. The spatial data company delivered somewhat disappointing third-quarter results. Earlier this month, brokerage Cushman & Wakefield’s real estate-focused SPAC, C&W Acquisition, filed with the SEC to raise up to $250 million in an IPO.

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The companies will raise roughly $295 million from investors including Tiger Global Management, Senator Investment Group, Dragoneer Investment Group and Fidelity Management & Research Co. and accounts managed by Blackstone Group. The blank-check company matterport spac stock Gores VI will also provide Matterport with $345 million in cash it previously raised. PitchBook is a financial technology company that provides data on the capital markets. Big opportunity here, their data becomes much more valuable the bigger it gets.

matterport spac merger

However, Matterport’s 3D models have much more applications than meets the eye. Due to the pandemic, virtual worlds became more important than ever as the digital world compensates for the lack of activity in the offline world . The shift towards virtual worlds was already happening before the pandemic happened but the novel coronavirus has accelerated that transition. This trend may prove to be in the early innings as companies all over the world rethink the possibilities and benefits of incorporating virtual realities in their day-to-day operations. With real estate being slow to adapt, Matterport attempts to seize this opportunity by offering the built world a virtual world.

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Analysts had expected about $29.1 million in revenue, and the company reported $27.7 million. And subscription revenue grew by 36% year over year, but this (arguably the company’s most important metric) clearly wasn’t enough to impress investors. For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer.

Transaction: Sonder

Matterport said it hosts the largest spatial data library in the world, including more than 10 billion sq. The company claimed that its 3D digital twins can improve every part of the building lifecycle, from planning, construction, and operations to documentation, appraisal, and marketing. Matterport, a spatial data firm that makes software for virtual property tours, will merge with a special purpose acquisition company led by billionaire investor Alec Gores. Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing.

Gores Holdings Vi Announces Registration Statement Effectiveness And Special Meeting Date

Given frequent share price volatility both pre- and post-combination, lock-ups are a critical element of de-SPAC transactions and the agreements creating them must be drafted carefully. Matterport Inc., a maker of software for virtual walk-throughs of properties, is in advanced talks to list via a blank-check company, according to people familiar with the matter. By Jon Peterson Fresno-based Caro Nut Company has placed on the market for sale the 233,840 square foot industrial property in Fresno located at 2624 East… “We’re at the dawn of a new era for what’s possible when buildings become data,” he said. Now public, Matterport intends to use its new funds to expand its international presence and its outreach to enterprises businesses.

Simon Property Group Acquisition, a SPAC formed by America’s biggest mall owner, raised $300 million last month. Matterport Inc, a maker of 3D cameras for virtual real estate tours, will go public through a merger with Gores Holdings VI Inc, a blank-check firm backed by the Gores Group, reported Reuters. Gores Holdings VII, Gores’ ninth special purpose acquisition company, completes $550 Million IPO. Gores Holdings VIII, Gores’ tenth special purpose acquisition company, completes $345 Million IPO. Gores Technology Partners, Gores’ eleventh special purpose acquisition company, completes $275 Million IPO. Gores Technology Partners II, Gores’ twelfth special purpose acquisition company, completes $460 Million IPO.

Gores Holdings IX, Gores’ fourteenth special purpose acquisition company, completes $525 Million IPO. Customers first scan their spaces with a compatible camera or iPhone — they do so by taking pictures at multiple points to get a panoramic and interactive view of the space. As pictures are taken, Matterport’s deep learning software, Cortex AI, begins to create a robust and highly accurate 3D digital twin of the space. Nextly, customers can customize the 3D model by setting starting points or adding Mattertags (pop-up descriptions or links anywhere in the model), for instance. After the customer is satisfied, he or she can publish the 3D model by sharing it on social media, embed it on a website, or integrate it into other platforms.

The goal is to get Matterport to a place where it is like “running water for the built world,” akin to a utility, said Pittman. The SPAC has said in previous filings it intends “to focus on businesses in the health, wellness and fitness sectors and the products, devices, applications, and technology driving growth within these verticals.” On the date of publication, Stavros Georgiadis, CFA did not have any positions in the securities mentioned in this article.

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