Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Matterport to reduce workforce by 30% and reduce office space
Proptech Company Matterport To Cut 170 Jobs, Reduce Office Space
Matterport (NASDAQ:MTTR), a spatial data company headquartered in Silicon Valley, announced plans to reduce its workforce by 30%, or about 170 jobs, in a Securities and Exchange Commission filing Tuesday.
The company makes 3D cameras that capture building interiors, allowing for virtual tours of real estate holdings, which became popular during the pandemic, among other uses.
Matterport’s stock price jumped at the news of the restructuring, rising about 7% on the Nasdaq. The company went public in 2021 through a merger with Gores Holdings VI Inc., a special-purpose acquisition company backed by billionaire Alec Gores. The deal infused $640M into Matterport.
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...