The company never intended to be a “metaverse company” and there is massive potential beyond metaverse in industries like real estate and construction. 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. 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.
It allows users to go through the space in different formats and experience the space in VR format if they have a compatible device such as Oculus. This is why Matterport may play an important role in the Metaverse as it builds the bridge between the real world and the virtual world. Matterport does not give any assurance that it will achieve its expectations.
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 matterport stock spac 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.
This Former Metaverse Darling Just Blew Expectations Away
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. Although much of the hype around the metaverse has evaporated, plenty of companies are still working toward its fruition. Most of these companies are working on products that have real-world use as well as digital potential. It’s these stocks that have the potential to be the best investments, as the thesis for investing in them has at least two viable paths to great outcomes.
Digital twins can be put to multiple uses, including helping test different industrial layouts, visualizing a construction project, visiting a landmark digitally, or the aforementioned tour of a home for sale. Its applications in the metaverse range from practical to recreational to informational, making this software system vital to metaverse development. For example, 360 cameras can be used in capturing small homes, condos, and apartments for rental or selling. Matterport Pro 2 has the highest-quality 3D scans with unlimited 4K photography and long battery life for multiple scans whereas the Leica BLK360 has similar capabilities with the highest accuracy available.
If you’ve ever been house hunting online and come across a real estate website offing an online virtual walking tour of the home with a 3D view, then you’ve probably interacted with Matterport’s product. Its software system allows users to photograph (using one of its high-quality 3D cameras or even a smartphone) a space, and then incorporate those images to create a digital twin of the space. Matterport Capture allows you to capture the space with the devices mentioned above.
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. Will change its name, trading symbol and CUSIP to UWM Holdings Corporation , CUSIP 91823B109.
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- Both devices have similar capabilities except the 360 cameras allow you to scan more room and spaces and have higher quality images and portability.
- When the transaction closes, the combined company will operate under UWM Corporation.
- However, SPACs are made for the sole purpose of acquiring another company and shareholders don’t usually reject the merger.
- Once the Matterport Cloud created the digital twin, users can edit their spaces in the Matterport Workshop.
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Investment Thesis
This is largely attributed to the increase in R&D expenses, which increased over 300% from $6 million to $26 million. Operating cash flow went from positive $1 million to negative $(25.5) million. 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, is about to close. The GHVI and Matterport merger is confirmed, while a shareholder vote ultimately approves the merger.
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. 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. Increased government regulation, heightened corporate sustainability efforts and changing societal preferences have been a boost to its business, with many consumer-packaged-goods companies seeking alternatives to single-use plastic. GHIV will merge with United Wholesale Mortgage , which is a 35-year-old giant in the residential mortgage lending industry.
Footprint Inc., a materials science technology company seeking to eliminate single-use plastic, has agreed to merge with Gores Holdings VIII Inc., a special purpose acquisition company led by billionaire Alec Gores, according to people with knowledge of the matter. ”) 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. The transaction was recalibrated in recent months, in part due to feedback from SPAC investors, the people said.
Capture Services
Both of these cameras are suitable for larger scan spaces such as hotels and commercial buildings. The current devices that Matterport supports are mobile phones, 360 cameras, Matterport Pro 2, and Leica BLK360 with each hardware having different capabilities. IPhone, iPad, and 360 cameras are usually meant for individuals to gain access to quick, portable, entry-level 3D scanning. Both devices have similar capabilities except the 360 cameras allow you to scan more room and spaces and have higher quality images and portability. Valuation is now back to reasonable levels with the latest quarterly result showing strong growth in revenue and SUM .
As a result, option symbol GHIV will also change to UWMC effective at the opening of business on January 22, 2021. Matterport allows industries like real estate, hospitality, and construction to work more efficiently. The digital twins are very useful in architecture, engineering, and construction because they can store essential information like building plans, exact measurements, and the status of specific projects. In real estate and the hospitality industry, the digital twin enhances the experience of potential customers’ tours of the property’s spaces without having to invite them to come to the actual site, which allows purchases or rentals to be done much more easily. MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis.
The company went public last year through a SPAC merger with Gores Holdings VI. The stock soared over 200% from its SPAC price of $10 to over $30 with investors betting on its prime positioning for the metaverse. However, as the hype for the metaverse fades, the stock started plummeting. 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 https://xcritical.com/ calendars and market data tables, all for free. All existing Matterport stockholders will roll the entirety of their equity holdings into the combined company and are expected to hold approximately 75% of the issued and outstanding shares of common stock of the combined company immediately following the closing. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Matterport: Huge Opportunities Ahead
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. The Metaverse was never the primary market for Matterport in my opinion, it is more of an unprecedented bonus. The company’s main focus has always been on the real estate and construction industry. I believe Matterport has strong potential as its spatial data is able to provide insight for companies and individuals to better design, build, promote, and manage their spaces. The TAM for digitization of the physical world is estimated to be $240 billion and Matterport’s current market cap is only around $1.5 billion which leaves a lot of room for growth. However, the valuation is still a bit stretched even after the drop, therefore I rate the company as a hold at the current price.
Matterport And Gores Holdings Vi Announce Closing Of Business Combination
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. It is the leading spatial data company that enables users to physical buildings into digital buildings and the process is easier than ever. Anyone can turn a physical space into an accurate and immersive digital twin which can be used to design, build, operate, promote, and understand.
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. 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.
However, SPACs are made for the sole purpose of acquiring another company and shareholders don’t usually reject the merger. One share of GHVI stock can currently be purchased for approximately $5.98. Sign-up to receive the latest news and ratings for Gores Holdings VI and its competitors with MarketBeat’s FREE daily newsletter.
Financials And Valuation
When the transaction closes, the combined company will operate under UWM Corporation. MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security. Step-by-step guide to trading – and winning – in any market conditions with just ONE stock. It is hard to value Matterport using most traditional metrics as it is still in growth-at-all-cost mode.
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, 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.
