Matterport To Go Public Via $2 9 Billion Spac

12 maja, 2021 0 Przez Lukasz

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. 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.. View our full suite of financial calendars and market data tables, all for free.

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Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. On July 29, Matterport announced a partnership and investment in technology company SIMLAB. SIMLAB focuses on the digitization of buildings across the design and construction phases. SIMLAB also creates software toolkits to assist engineering, construction, and architecture teams in communicating effectively at all project stages.

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Matterport Stock Is A Good Investment

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.

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. Matterport is being overvalued based on its implied growth rate of 120%, and its expected growth rate is 59%.

  • With 200 million spaces , the company thinks that it can generate $2.4 billion in ARR .
  • The new entity will be led by Footprint co-founder and CEO Troy Swope and be listed with the ticker ‘FOOT’ on Nasdaq.
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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.

If all goes well, Matterport could become a critical infrastructure company in the digitization of real estate, and MTTR stock might be a multibagger. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content.

The completion of the merger transaction means that investors who might have waited for the deal to be completed can now get in. Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, announced the appointment of Vinatha Kutagula as Vice President of Customer Operations to scale global customer success, support and operations. 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.

Please log in to your matterport spac ticker account or sign up in order to add this asset to your watchlist. Contact our sales team and we’ll help you find the best solution for your needs. First, at the current price, the stock is still trading 46 percent below its all-time high.

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The transaction was recalibrated in recent months, in part due to feedback from SPAC investors, the people said. 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. 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. MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis.

Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. Based on MTTR’s current price, Matterport has a market capitalization of around $4.4 billion. Matterport expects revenue of $123 million in 2021 and $747.3 million in 2025, which means 2021 and 2025 price-to-sales multiples of 35.8x and 5.9x, respectively.

Matterport To Go Public Via $2 9 Billion Spac

Matterport became a publicly listed company on July 23, 2021 after completing a business combination with Gores Holdings VI, Inc., a publicly traded special purpose acquisition company. The company’s average rating score is 3.00, and is based on 2 buy ratings, no hold ratings, and no sell ratings. The transaction, which gives Matterport an implied pro forma equity value of $2.9 billion, https://xcritical.com/ 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. Sign-up to receive the latest news and ratings for Gores Holdings VI and its competitors with MarketBeat’s FREE daily newsletter.

Wall Street hasn’t started covering Matterport stock, so there isn’t a consensus target price to look at right now. For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. Please declare your traffic by updating your user agent to include company specific information.

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Matterport makes it easy and fast to create immersive 3D digital twins ideal for back-to-work planning, listing or appraising properties, documenting makeover projects, and more. ”) 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.

Other Companies Like Matterport In The Industrial Sector

The company’s expert board and an executive team led by CEO RJ Pittman have also boosted investors’ confidence in the stock. 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. Matterport’s spaces under management grew by 88 percent YoY to 4.9 million as of March 31, 2021.

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With 200 million spaces , the company thinks that it can generate $2.4 billion in ARR . In the first quarter, Matterport reported an ARR of $55.2 million, which indicates that the company is making a breakthrough from a customer adoption standpoint. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools.

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 you need to analyze any stock. 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. 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.