It is, in other words, a faster and easier way to begin raising money via stock sales. Aibusiness.com needs to review the security of your connection before proceeding. 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.

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Among other competitors, Zillow launched a 3D tour offering in 2018 and made it widely available in 2019. The portal has seen surging interest in its 3D offerings during the coronavirus pandemic. 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. The company will begin selling shares via a SPAC merger at a moment when interest in 3D tours is surging — and when more competitors are inching onto Matterport’s turf.

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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 https://xcritical.com/ 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.

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Usage Data refers to data collected automatically, either generated by the use of the Service or from the Service infrastructure itself . For the purposes for GDPR, Personal Data means any information relating to You such as a name, an identification number, location data, online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity. Simply enter the email address you used to create your account and click “Reset Password”. In choosing to merge with a SPAC, Matterport also jumped on an increasingly popular trend. The idea behind the SPAC strategy is that it allows companies to go public without jumping through the comparatively more rigorous hoops involved in a more traditional initial public offering.

Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. In February 2021, Matterport Operating, LLC (“Legacy Matterport”) entered into an agreement to merge with a SPAC, Gores Holding VI, Inc. (“Gores”).

It refers to third-party companies or individuals employed by the Company to facilitate the Service, to provide the Service on behalf of the Company, to perform services related to the Service or to assist the Company in analyzing how the Service is used. Sign-up to receive the latest news and ratings for Gores Holdings VI and its competitors with MarketBeat’s FREE daily newsletter. 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. In reviewing the relevant provision of the New Matterport bylaws, the Court looked to their plain meaning and found the language to be unambiguous. In particular, the Court found that the common meaning of “immediately”—“without delay”—meant that Brown’s shares, which were received over 100 days after closing, could not be viewed as held “immediately” after closing.

• View our full suite of financial calendars and market data tables, all for free.
• 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.
• 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.
• The addition of LiDAR support for iPhone customers to capitalize on Apple’s new depth sensor and increase the fidelity and accuracy of Matterport digital twins.
• 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.
• The portal has seen surging interest in its 3D offerings during the coronavirus pandemic.

The ability of the target company’s insiders to sell their SPAC shares after the merger is a key point of negotiation in any de-SPAC transaction. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. You should carefully consider the foregoing factors and the other risks and uncertainties described in Gores definitive proxy statement/prospectus contained in the registration statement on Form S-4, including those under “Risk Factors” therein, filed by Gores with the U.S. Securities and Exchange Commission (the “SEC”) and other documents filed by Matterport from time to time with the SEC.

For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of matterport merger 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. Matterport is being overvalued based on its implied growth rate of 120%, and its expected growth rate is 59%. © 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions.

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In any case, the Company will gladly help to clarify the specific legal basis that applies to the processing, and in particular whether the provision of Personal Data is a statutory or contractual requirement, or a requirement necessary to enter into a contract. Third-party Social Media Service refers to any website or any social network website through which a User can log in or create an account to use the Service. Account means a unique account created for You to access our Service or parts of our Service. We give you the access and tools to invest like a Wall Street money manager – at a Main Street price. Other tech rivals such as Peek and Asteroom have also pounced on segments of the 3D tour market, and the takeaway is that 3D tours are here to stay — even if other companies would like to take part of Matterport’s crown. Matterport still offers those products and cameras, but beginning in 2019 it also launched free and low cost alternatives.

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. Even in transactions where the transfer agent issues such shares automatically to holders of the target company’s stock, there is often a day or longer period between the closing and when the stockholders actually hold their public shares.

Heavy Industry & Manufacturing

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. The PIPE investment is led by institutional investors including Tiger Global Management, LLC, Senator Investment Group, Dragoneer Investment Group, Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Miller Value Partners, Darlington Partners, Untitled Investments, and Lux Capital. 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.

Matterport And Gores Holdings Vi Announce Closing Of Business Combination

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. Matterport, which was founded in 2011, first announced plans to go public via a SPAC merger in February.

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. “Becoming a publicly traded company is a strategic transaction for Matterport that strengthens our position as the market leading spatial data company for the built world, and propels the global property market into the future,” said RJ Pittman, Chief Executive Officer and Chairman of the Board of Directors of the combined company. “We’re at the dawn of a new era for what’s possible when buildings become data. To capitalize on this extraordinary market opportunity, we plan to increase our investment in our customers’ success, scale innovation and R&D, and accelerate growth through our spatial data platform for the 20 billion spaces around the world.”

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Financial Services & Investing

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.

To avoid ambiguity, it may be preferred to add language clarifying that the restrictions apply to any shares “held by the holders immediately after the effective time or otherwise issued or issuable to the holders in connection with the business combination transaction”. Usage Data may include information such as Your Device’s Internet Protocol address (e.g. IP address), browser type, browser version, the pages of our Service that You visit, the time and date of Your visit, the time spent on those pages, on pages that contain Listing Data, and unique device identifiers and other diagnostic data. In de-SPAC transactions where target company shares are to be exchanged for SPAC shares via submission to the transfer agent or an exchange agent with a letter of transmittal, shareholders can delay receiving their SPAC shares and thereby evade the lock-up restrictions. 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.