Matterport To Make Public Debut On Friday Following SPAC Merger With Gores Holdings VI

·1 min read
  • Spatial data company Matterport, Inc (NASDAQ: MTTR) will begin trading on the Nasdaq under the "MTTR" ticker symbol on Friday following a special purpose acquisition company (SPAC) merger with Gores Holdings VI Inc (NASDAQ: GHVI).

  • Matterport has received $605 million in total cash. It includes $310 million from Gores Holdings VI, and $295 million in proceeds 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.

  • Matterport has evolved from a slow-growing maker of expensive 3D cameras to a subscription software company aiming to help create and manage digital versions of the world's physical spaces, Bloomberg reports.

  • The pandemic accelerated demand for Matterport's 3D renderings of physical spaces. It pushed the company to release its first-ever smartphone app, allowing users to create a digital twin of their property in minutes.

  • In an exclusive interview with Benzinga, Matterport's CEO explained how the company is capitalizing on the largest asset class in the world.

  • Price action: GHVI shares traded higher by 4.33% at $14.31 on the last check Thursday.

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