The Latest SPAC News and Rumors: July 12, 2023


The Latest SPAC News and Rumors: July 12, 2023

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.