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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gores Holdings VI Inc | NASDAQ:GHVI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.47 | 14.47 | 14.50 | 0 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
85-1695048
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
|
|
352 East Java Drive
|
||
Sunnyvale, CA
|
94089
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbols
|
Name of each exchange
on which registered
|
||
Class A Common Stock
|
MTTR
|
The Nasdaq Stock Market LLC
|
||
Warrants
|
MTTRW
|
The Nasdaq Stock Market LLC
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
|
|
|
|
Page
|
|
|
|
|
4
|
|
|||
Item 1.
|
|
|
|
4
|
|
|
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|
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4
|
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||
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|
|
5
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||
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6
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||
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7
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||
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8
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|
||
Item 2.
|
|
|
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19
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|
|
Item 3.
|
|
|
|
22
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|
|
Item 4.
|
|
|
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23
|
|
|
|
|
24
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|||
Item 1.
|
|
|
|
24
|
|
|
Item 1A.
|
|
|
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24
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|
|
Item 2.
|
|
|
|
24
|
|
|
Item 3.
|
|
|
|
25
|
|
|
Item 4.
|
|
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25
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|
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Item 5.
|
|
|
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25
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|
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Item 6.
|
|
|
|
26
|
|
June 30, 2021
|
December 31, 2020
|
|||||||
(unaudited)
|
(audited)
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 381,644 | $ | 633,266 | ||||
Prepaid assets
|
696,434 | 897,754 | ||||||
|
|
|
|
|||||
Total current assets
|
1,078,078 | 1,531,020 | ||||||
Deferred tax asset
|
— | 26,273 | ||||||
Investments and cash held in Trust Account
|
345,030,934 | 345,008,625 | ||||||
|
|
|
|
|||||
Total assets
|
$ | 346,109,012 | $ | 346,565,918 | ||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
||||||||
Current liabilities:
|
||||||||
Accrued expenses, formation and offering costs
|
$ | 3,632,513 | $ | 475,462 | ||||
Related party note
|
1,100,000 | — | ||||||
State franchise tax accrual
|
77,923 | 55,241 | ||||||
Public warrants derivative liability
|
41,331,000 | 11,040,000 | ||||||
Private warrants derivative liability
|
26,655,500 | 7,120,000 | ||||||
|
|
|
|
|||||
Total current liabilities
|
72,796,936 | 18,690,703 | ||||||
Deferred underwriting compensation
|
12,075,000 | 12,075,000 | ||||||
|
|
|
|
|||||
Total liabilities
|
$ | 84,871,936 | $ | 30,765,703 | ||||
|
|
|
|
|||||
Commitments and contingencies
|
||||||||
Class A Common Stock subject to possible redemption, 34,500,000 shares (at redemption value of $10 per share)
|
345,000,000 | 345,000,000 | ||||||
Stockholders’ equity (deficit):
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued or outstanding
|
— | — | ||||||
Common stock
|
||||||||
Class A Common Stock, $0.0001 par value; 400,000,000 shares authorized
|
— | — | ||||||
Class F Common Stock, $0.0001 par value; 40,000,000 shares authorized, 8,625,000 shares issued and outstanding
|
863 | 863 | ||||||
Additional
paid-in-capital
|
— | — | ||||||
Accumulated deficit
|
(83,763,787 | ) | (29,200,648 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity (deficit)
|
(83,762,924 | ) | (29,199,785 | ) | ||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity (deficit)
|
$ | 346,109,012 | $ | 346,565,918 | ||||
|
|
|
|
Three
|
Six
|
|||||||
Months Ended
|
Months Ended
|
|||||||
June 30, 2021
|
June 30, 2021
|
|||||||
Professional fees and other expenses
|
(1,385,578 | ) | (4,624,546 | ) | ||||
State franchise taxes, other than income tax
|
(50,000 | ) | (100,000 | ) | ||||
Change in fair value of warrant liability
|
(23,154,000 | ) | (49,826,500 | ) | ||||
|
|
|
|
|||||
Net loss from operations
|
(24,589,578 | ) | (54,551,046 | ) | ||||
Other income—interest income
|
8,603 | 22,310 | ||||||
|
|
|
|
|||||
Loss before income taxes
|
$ | (24,580,975 | ) | $ | (54,528,736 | ) | ||
|
|
|
|
|||||
Income tax valuation allowance
|
— | (26,273 | ) | |||||
|
|
|
|
|||||
Net loss attributable to common shares
|
$ | (24,580,975 | ) | $ | (54,555,009 | ) | ||
|
|
|
|
|||||
Net loss per ordinary share:
|
||||||||
Class A Common Stock—basic and diluted
|
$ | (0.57 | ) | $ | (1.27 | ) | ||
|
|
|
|
|||||
Class F Common Stock—basic and diluted
|
$ | (0.57 | ) | $ | (1.27 | ) | ||
|
|
|
|
Three Months Ended June 30, 2021
|
||||||||||||||||||||||||||||
Class A Common
Stock |
Class F Common Stock
|
Additional
|
Stockholders’
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Paid-
In Capital
|
Accumulated
Deficit
|
Equity
(Deficit)
|
||||||||||||||||||||||
Balance at April 1, 2021
|
— | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (59,182,812 | ) | $ | (59,181,949 | ) | ||||||||||||||
Net loss
|
— | — | — | — | — | (24,580,975 | ) | (24,580,975 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2021
|
— | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (83,763,787 | ) | $ | (83,762,924 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Six Months Ended June 30, 2021
|
||||||||||||||||||||||||||||
Class A Common
Stock |
Class F Common Stock
|
Additional
|
Stockholders’
|
|||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Paid-In
Capital
|
Accumulated
Deficit
|
Equity
(Deficit)
|
||||||||||||||||||||||
Balance at January 1, 2021
|
— | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (29,200,648 | ) | $ | (29,199,785 | ) | ||||||||||||||
Subsequent measurement under ASC
480-10-S99
|
— | — | — | — | — | (8,130 | ) | (8,130 | ) | |||||||||||||||||||
Net loss
|
— | — | — | — | — | (54,555,009 | ) | (54,555,009 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2021
|
— | $ | — | 8,625,000 | $ | 863 | $ | — | $ | (83,763,787 | ) | $ | (83,762,924 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
|
||||
Months Ended
|
||||
Cash flows from operating activities:
|
June 30, 2021
|
|||
Net loss
|
$ | (54,555,009 | ) | |
Changes in state franchise tax accrual
|
22,682 | |||
Changes in prepaid assets
|
201,320 | |||
Changes in accrued expenses, formation and offering costs
|
3,157,051 | |||
Change in fair value of warrant liability
|
49,826,500 | |||
Changes in deferred income tax
|
26,273 | |||
|
|
|||
Net cash used in operating activities
|
(1,321,183 | ) | ||
|
|
|||
Cash used in investing activities:
|
||||
Interest and dividends reinvested in the Trust Account
|
(22,309 | ) | ||
|
|
|||
Net cash used in investing activities
|
(22,309 | ) | ||
|
|
|||
Cash flows from financing activities:
|
||||
Proceeds from notes and advances payable – related party
|
1,100,000 | |||
Payment of issuance expenses
|
(8,130 | ) | ||
|
|
|||
Net cash provided by financing activities
|
1,091,870 | |||
|
|
|||
Increase in cash
|
(251,622 | ) | ||
Cash at beginning of period
|
633,266 | |||
|
|
|||
Cash at end of period
|
$ | 381,644 | ||
|
|
|||
Supplemental disclosure of income and franchise taxes paid:
|
||||
Cash paid for income and state franchise taxes
|
$ | 77,318 |
1.
|
Organization and Business Operations
|
2.
|
Significant Accounting Policies
|
For the Three Months Ended June 30, 2021
|
For the Six Months Ended June 30, 2021
|
|||||||||||||||
Class A
|
Class F
|
Class A
|
Class F
|
|||||||||||||
Basic and diluted net income/(loss) per share:
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Allocation of net income/(loss)
|
$ | (19,664,780 | ) | $ | (4,916,195 | ) | $ | (43,650,511 | ) | $ | (10,912,628 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Denominator:
|
||||||||||||||||
Weighted-average shares outstanding
|
34,500,000 | 8,625,000 | 34,500,000 | 8,625,000 | ||||||||||||
Basic and diluted net income/(loss) per share
|
$ | (0.57 | ) | $ | (0.57 | ) | $ | (1.27 | ) | $ | (1.27 | ) |
3.
|
Public Offering
|
As of June 30, 2021
|
||||
Gross proceeds
|
$ | 345,000,000 | ||
Less:
|
||||
Proceeds allocated to public warrants
|
$ | (10,557,000 | ) | |
Class A shares issuance costs
|
$ | (19,266,180 | ) | |
|
|
|||
Plus:
|
||||
Accretion of carrying value to redemption value
|
$ | (29,823,180 | ) | |
|
|
|||
Contingently redeemable Class A Common Stock
|
$ | 345,000,000 | ||
|
|
4.
|
Related Party Transactions
|
5.
|
Deferred Underwriting Compensation
|
6.
|
Income Taxes
|
7.
|
Investments and Cash Held in Trust
|
8.
|
Fair Value Measurement
|
Volatility
|
21.0 | % | ||
Risk-free interest rate
|
0.43 | % | ||
Warrant exercise price
|
$ | 11.50 | ||
Expected term
|
5.5 |
Private
Placement Warrants |
Public
Warrants |
Total
Warrant Liabilities |
||||||||||
Fair value at December 31, 2020
|
$ | 7,120,000 | $ | 11,040,000 | $ | 18,160,000 | ||||||
Change in fair value
|
19,535,500 | 30,291,000 | 49,826,500 | |||||||||
Fair value at June 30, 2021
|
$ | 26,655,500 | $ | 41,331,000 | $ | 67,986,500 |
Description
|
June 30, 2021
|
Quoted Prices in
Active Markets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Other Unobservable Inputs (Level 3) |
||||||||||||
Investments and cash held in Trust Account
|
$ | 345,030,934 | $ | 345,030,934 | $ | — | $ | — | ||||||||
Public warrants
|
41,331,000 | 41,331,000 | — | — | ||||||||||||
Private placement warrants
|
26,655,500 | — | 26,655,500 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total
|
$ | 413,017,434 | $ | 386,361,934 | $ | 26,665,500 | $ | — | ||||||||
|
|
|
|
|
|
|
|
9.
|
Stockholders’ Equity
|
10.
|
Risk and Contingencies
|
11.
|
Subsequent Events
|
* |
Filed herewith.
|
MATTERPORT, INC. | ||||||
Date: August 16, 2021 | By: |
/s/ R.J. Pittman
|
||||
R.J. Pittman | ||||||
Chief Executive Officer | ||||||
(Duly Authorized Officer and Principal Executive Officer) |
1 Year Gores Holdings VI Chart |
1 Month Gores Holdings VI Chart |
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