Gores Holdings VI (NASDAQ:GHVI) announced this morning that it has completed its combination with proptech firm Matterport following at a special meeting of shareholders on July 20.
The combined company will commence trading on Nasdaq under the new ticker symbol “MTTR” on July 23, 2021
The release did not include exact redemption figures, but noted that the deal’s final proceeds included about $310 million from Gores VI’s trust. Given that the SPAC had about $345 million in trust going into the vote, less deferred underwriting fees, that figure would indicate minimal redemptions.
But the total proceeds including $295 million PIPE still amounted to about $605 million, easily above the transactions $520 minimum cash condition. However, any amount of redemptions would be a surprise as Gores VI traded above $13 throughout July 16, the day of the SPAC’s redemption deadline. Redeeming would be an unnecessary hit.
The parties initially inked the $2.3 billion deal on February 8. Founded in 2011, Matterport has defined the spatial data category for the built world with its market-leading platform that turns any physical space into an immersive 3D digital twin. The Company has created the largest spatial data library in the world, with more than 10 billion square feet of space and growing.
ADVISORS
- Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as financial advisors and capital markets advisors to Gores Holdings VI.
- Moelis & Company, LLC is also acting as financial advisor to Gores Holdings VI.
- Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as joint lead placement agents on the PIPE
- Credit Suisse is serving as exclusive financial advisor and capital markets advisor to Matterport and acted as joint lead placement agent on the PIPE.
- Weil, Gotshal & Manges, LLP is acting as legal advisor to Gores Holdings VI.
- Latham & Watkins LLP is serving as legal advisor to Matterport.
- Orrick LLP is serving as Matterport’s general corporate counsel.
At the SPAC of Dawn The markets got to open one stocking early yesterday, but it was mostly coal as it showed durable goods orders had declined by more than twice as much as expected to -1.1% in November. It wasn’t all signs of naughtiness, however. Amid the numbers that came public one day earlier...
Copley Acquisition Corp has filed to raise a $150 million SPAC to hunt for a technology or lifestyle target in either the Asia Pacific or North America regions. The new S-1 also advances underwriter Clear Street in the league tables as it has backed two of the three latest SPACs to file in December, and...
Translational Development Acquisition Corp. (NASDAQ: TDACU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TDACU”, Monday, December 23, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but intend to focus on industries that...
At the SPAC of Dawn SPACs have set to have a busy holiday week with three business combination approval votes and eight special meetings for extensions. Teams are trying to get eight of these in the books today, including all three completion votes ahead of Christmas Eve tomorrow. As noted last week, the theme of...
Terms Tracker for the Week Ending December 20, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. * We will be skipping next week’s Terms Tracker post while we work on putting together our “2024 Year End Review”. You can find 2023’s...