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Matterport Going PublicMedia CoverageNewsRJ Pittman

Media Coverage: Matterport Going Public14173

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Video: Matterport CEO on going public through SPAC deal with Gores Group Video courtesy of CNBC YouTube Channel | Monday, 8 February 2021

Media Coverage: Matterport Going Public

Hi All,

✓ PR Newswire (8 February 2021) Matterport, The Spatial Data Company Leading The Digital Transformation Of The Built World, Announces Proposed Business Combination With Gores Holdings VI
✓ Bloomberg (5 February 2021) Matterport Is in Merger Talks With Gores SPAC
✓ CNBC (8 February 2021) Matterport CEO on going public through SPAC deal with Gores Group
✓ Reuters (8 February 2021) Billionaire Gores backs Matterport listing with $2.9 billion blank-check deal

WGAN Forum Related Discussions

✓ WGAN Forum Posts Tagged: Matterport Going Public
Matterport Statistics: 250,000 Subscribers; $85.9 million in Revenue: up 87%
Going Public Investor Call 10 am EST Today, Monday, 8 February 2021
Future prospects of Matterport? Should I buy Matterport Pre-IPO Shares?

Spot a news story that should be included here? Please post to this WGAN Forum discussion.

Dan

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All WGAN Forum discussions tagged: Matterport Going Public
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Is there a date yet?
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@pixelray

According to:

✓ ✓ SEC Form 8-K Gores Holdings VI, Inc. For: February 7, 2021

1. Deal expected to close 2Q21

2. And ...

The Merger Agreement may be terminated at any time prior to the consummation of the Mergers (whether before or after the required Company stockholder vote and Matterport stockholder vote has been obtained) by mutual written consent of the Company and Matterport and in certain other circumstances, including if the Business Combination has not been consummated by September 7, 2021 and the delay in closing prior to such date is not due to the breach of the Merger Agreement by the party seeking to terminate.

Dan
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✓ Inman (8 February 2021) Matterport going public via SPAC merger - The spatial data and 3D tour company estimates the enterprise value of the combined companies will clock in at approximately $2.3B

"In 2020, Matterport expects it will have generated $86 million in revenue, up from $46 million the year prior. The company projects steady year-over-year revenue growth reaching $747 million in 2025," reports Inman.

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Any chance us founding Matterport service providers we'll get an offer of any preferred shares?
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The Real Deal (8 February 2021) Real estate VR tech firm Matterport to go public via SPAC

"Virtual walkthroughs of properties have become increasingly popular during the pandemic, especially in areas of the country where in-person showings were prohibited for a period of time," reports The Real Deal.

The SPAC frenzy that has gripped investors in the past year has extended to real estate, with several companies — including Opendoor and Porch.comgoing public in 2020 via blank-check firms. Other large real estate firms, including Tishman Speyer and CBRE, have launched their own blank-check companies to court proptech deals, reports The Real Deal.

I encourage you to read the entire article.

Best,

Dan
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Bloomberg (8 February 2021) Matterport to Go Public Via Alec Gores SPAC in $2.9 Billion Deal

"To support the transaction, the companies will raise about $295 million from investors including Tiger Global Management, Senator Investment Group, Dragoneer Investment Group and Fidelity Management & Research Co.," reports Bloomberg.
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Silicon Valley Business Journal (8 February 2021) Billionaire Alec Gores, who took Luminar public, plans to do same for Matterport in $2.9B deal

"Billionaire Alec Gores is the investor behind the special purpose acquisition company (SPAC) in the merger. Gores Holdings VI raised $345 million in an IPO in December when it sold units made up of stock and warrants for $10 each. The stock (NASDAQ:GIHVU) has jumped by about 26% since Friday [5 February 2021], when news of the deal was first reported by Bloomberg. It opened trading Monday at $13.90," reports Silicon Valley Business Journal.

Looks like Wall Street likes Matterport going public. Your thoughts?

Dan
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Matterport’s Founders Dave Gausebeck and Matt Bell (2013) | Image courtesy of LUX Blog

LUX Blog (Peter Hébert, Managing Partner) (8 February 2021) Matterport Is Going Public to Digitize the Built World

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Peter Hébert is Co-Founder & Managing General Partner of Lux Capital. Lux Capital has invested in Matterport in multiple rounds.
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Peter Hébert writes: (excerpt)

Want to hear a mind-blowing fact? How about this: there are at least twice as many buildings in the world as websites.

Within those buildings there are often multiple rooms, spaces, floors, and sections. And virtually all of those buildings are stuck in the past. They have not been digitized, making it time consuming and costly to manage them in an online world.

But that’s changing quickly, accelerated by today’s announcement that Matterport plans to go public on the NASDAQ through a business combination with Gores Holdings VI, Inc. [NASDAQ: GHVI]. The deal will provide for $640 million in gross proceeds at a post-transaction value of up to $2.9 billion. Lux is excited to make a new investment into the PIPE, alongside Tiger Global, Senator, Dragoneer, Fidelity Management & Research Company, funds and accounts managed by BlackRock, and Miller Value Partners.

...

With less than 0.01% of the built world digitized, space really is, as they say, the final frontier.


Source: Peter Hébert via LUX Blog

I encourage you to read the entire LUX blog post.


Dan
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I sure think that original white Matterport 'egg' camera is the coolest one.

Seems to me that 'going IPO' generally happens when the biggest stockholders and C-Suite team understand that their company will never be valued this high ever again, so it's time to cash out while the gettin' is good. Pandemic? Stay-at-home edicts? Virtual everything? That's where we are today, but greater normality is around the corner and, more important, Lidar is now on the phone in your pocket. Hmm. Matterport could sue little GeoCV out of operation. But who wins when the competition is Apple?

I grew up in Chicago, a city with its own unique historical figures. Al Capone was never convicted of anything until they got him on tax evasion. By then he was older and understood the financial industry. According to legend, he said "If I had understood Wall Street back then, I would have gone straight!"
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Time will tell!

Dan
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✓ The New York Times (8 February 2021) The serial SPAC sponsor Alec Gores strikes another deal
✓ HousingWire.com (9 February 2021) Matterport to go public via SPAC in $3B deal
✓ GlobeSt.com (10 February 2021) CRE Tech Company Matterport To Go Public in $2.9B SPAC
✓ Motley Fool (10 February 2021) Matterport is Next Proptech Company to Go Public Through a SPACE
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Screen Grab: Matterport CEO RJ Pittman talking about going public via SPAC with Yahoo! Finance

Yahoo! Finance (10 February 2021) Matterport CEO on going public via SPAC
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✓ Market Realist (10 February 2021) Matterport Plans to Go Public, GHIV SPAC Stock Is a Buy Before the Merger

✓ PR Newswire (11 February 2021) Matterport $2.9B SPAC Announcement Marks Navitas' 2nd Billion Dollar Plus Portfolio Company Public Valuation Since December
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✓ The Motley Fool (11 February 2021) This SPAC Could Be the Best Stock Of the Decade - Digitizing real estate could be big business.

From The Motley Fool

I don't usually get excited about IPOs or special-purpose acquisition company (SPAC) mergers because they often come with more uncertainty and risk than I want to take on as an investor. But every once in a while, there's a company that hits the market that I see as a once-in-a-lifetime opportunity

That's why this week's announcement that Matterport will merge with Gores Holdings VI (NASDAQ:GHVI) had me extremely excited. Matterport has built incredibly powerful technology for the real estate market, and its spacial data business is just starting to scratch the surface of its potential.

I don't know if Matterport will hit any of the projections it laid out in a presentation to investors, like $747 million in revenue and 73% gross margin in 2025, up from an estimated $86 million in revenue for 2020 and a 56% gross margin. Even if it doesn't hit those numbers, I think the company has the potential to be a very high-growth stock with a massive market to grow into. For long-term investors, this is the kind of company that could be the best stock of the next decade.


Source: The Motley Fool

I encourage you to read the entire story.

Your thoughts?

Dan
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SPAR3D (10 February 2021) As Matterport prepares to go public, all eyes are on 3D real estate tech
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I have looked at their stock chart using data from NASDAQ symbol GHVI and there are two possibilities with where they may be going. If it goes over $18.80 it most likely to grow over $21 However there is another not so shiny one: if it goes below $16.00 it will drop below $14
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Real estate agents in the UK claim property is selling easily without the use of Matterport, so they're reluctant to pay for it. It's a dead end.

Non real estate clients I offered the service to were interested in CAD drawings and Matterpaks, but when they got the output from a Matterpak they lost interest. Another dead end.

Other businesses would rather buy the camera themselves than hire a third party to produce a model.

So overall Matterport probably has a bright future but sadly I can't see much of a future for MSP's.

Would you guys buy the stock?

Deadnsyde seemed quite positive about it on his channel

https://www.youtube.com/watch?v=XZUylr0ch_Q

Video: Could This Be The Best Stock Of The Decade? | Video courtesy of Deadsyde YouTube Channel | 17 February 2021
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