The company’s average rating score is 3.00, and is based on 2 buy ratings, no hold ratings, and no sell ratings. Matterport is going public via a SPAC merger with Gores Holdings VI . The transaction, which gives Matterport an implied pro forma equity value of $2.9 billion, is about to close. The GHVI and Matterport merger is confirmed, while a shareholder vote ultimately approves the merger. However, SPACs are made for the sole purpose of acquiring another company and shareholders don’t usually reject the merger.
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Gores Holdings VIII, led by Gores and CEO Mark Stone, raised $345 million in a February IPO. Other Gores SPACs have merged to form companies including Ardagh Metal Packaging SA and Matterport Inc.. 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. View our full suite of financial calendars and market data tables, all for free. All existing Matterport stockholders will roll the entirety of their equity holdings into the combined company and are expected to hold approximately 75% of the issued and outstanding shares of common stock of the combined company immediately following the closing. ”) and other documents filed by Matterport from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Gores Holdings VI is a publicly listed, $345 million special purpose acquisition company and is the seventh vehicle sponsored by an affiliate of The Gores Group, a global investment firm founded in 1987 by Alec Gores. To date, Alec Gores and affiliates of The Gores Group have completed five business combinations representing over $25 billion in transaction value. Concurrently with the consummation of the business combination, additional investors will purchase shares of common stock of Gores Holdings VI in a private placement. Following the closing of the business combination, the Company’s management team, led by Chief Executive Officer RJ Pittman, will continue to operate and manage Matterport. Latham represents the spatial data company in a SPAC transaction that will make Matterport a publicly traded company. Gores Holdings VI is a special purpose acquisition company sponsored by an affiliate of The Gores Group for the purpose of effecting a merger, acquisition, or similar business combination.
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. 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. As a SPAC, Gores Holdings VI has no operations other than finding a private company to take public. If the merger is approved by shareholders, the companies will combine and be publicly traded under the Matterport name.
Sign up for a free Matterport account with 1 active space, 1 user, and access to a suite of tools. The release of the Matterport Capture app on the Google Play Store, giving billions of Android users in 175 countries the ability to quickly and easily capture buildings and spaces with compatible 360 cameras and the Matterport Pro2 3D camera. Gores Group is led by Alec Gores, who has extensive experience as an entrepreneur, business operator, private equity investor, and now SPAC manager. 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.
MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information https://xcritical.com/ you need to analyze any stock. Gores Holdings VI, Inc. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more operating businesses. The company was incorporated in 2020 and is based in Boulder, Colorado.
- ”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Gores’ or Matterport’s projected future results.
- The transaction was recalibrated in recent months, in part due to feedback from SPAC investors, the people said.
- Matterport is going public via a SPAC merger with Gores Holdings VI .
- Matterport is being overvalued based on its implied growth rate of 120%, and its expected growth rate is 59%.
- Latham represents the spatial data company in a SPAC transaction that will make Matterport a publicly traded company.
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Matterport Ceo On Going Public Through Spac Deal With Gores Group
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations. Should the merger be approved by investors , CCIV will cease to trade, and shares will be converted to LCID, which will trade on the NYSE starting July 23. The letter “Q” added to the end of a stock symbol is not a good sign for investors; “Q” means the company is in the midst of bankruptcy proceedings. In many cases, however, the company’s old stock — labeled with the ominous “Q” indicator — is dissolved after the proceedings.
The transaction, slated to be announced Tuesday in the U.S., features a roughly $310 million private investment in public equity, or PIPE, and gives the combined company an enterprise value of $1.6 billion assuming no redemptions, said the people, requesting anonymity. The PIPE, priced at $10 a share, was backed by Koch Strategic Platforms among others and Koch separately committed to provide $150 million in preferred financing, the people said. Matterport, a developer of subscription software that creates 3D digital versions of physical spaces, has made its debut on the Nasdaq following its merger with Gores Holdings VI, a SPAC backed by billionaire Alec Gores. As part of the deal, the VC-backed company has received $605 million in cash, including a $295 million PIPE led by a group of institutional investors such as Tiger Global, Dragoneer Investment Group and Gores Holdings VI. The SPAC merger valued Matterport at $2.9 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.
When Is Gores Holding Merger?
Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more. The addition of LiDAR support for iPhone customers to capitalize matterport spac ticker on Apple’s new depth sensor and increase the fidelity and accuracy of Matterport digital twins. Gilbert, Arizona-based Footprint’s customers include Kraft Heinz Co., McDonald’s Corp. and Procter & Gamble Co.
Increased government regulation, heightened corporate sustainability efforts and changing societal preferences have been a boost to its business, with many consumer-packaged-goods companies seeking alternatives to single-use plastic. GHIV will merge with United Wholesale Mortgage , which is a 35-year-old giant in the residential mortgage lending industry. When the transaction closes, the combined company will operate under UWM Corporation. MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security. Step-by-step guide to trading – and winning – in any market conditions with just ONE stock.
What Will Happen To Ghiv?
Footprint’s investors, including Sweetgreen Inc., Conagra Brands Inc. and JBS, will roll 100% of their equity into the new entity, the people said. It has committed customer orders resulting in estimated 2023 revenue of roughly $500 million, 10 times what Footprint is poised to turnover in 2021, the people said. The new entity will be led by Footprint co-founder and CEO Troy Swope and be listed with the ticker ‘FOOT’ on Nasdaq.
What Is Gores Holdings Vi’s Stock Price Today?
Footprint Inc., a materials science technology company seeking to eliminate single-use plastic, has agreed to merge with Gores Holdings VIII Inc., a special purpose acquisition company led by billionaire Alec Gores, according to people with knowledge of the matter. ”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Gores’ or Matterport’s projected future results. Fees, and expenses paid in connection with the closing of the Business Combination. Bloomberg News in August reported Footprint was in talks to go public through a deal with a Gores SPAC at a valuation of as much as $3 billion. The transaction was recalibrated in recent months, in part due to feedback from SPAC investors, the people said.