Matterport’s former CEO filed suit in Delaware against the company, its board, and the SPAC it’s merging with, claiming they’re wrongly trying to place “onerous trading restrictions” on his 1.4 million shares as the 3D technology maker prepares to go public, Bloomberg reports.
The lawsuit filed in Delaware Chancery Court stems from a combination set to close this month between privately held Matterport and Gores Holding VI Inc., a SPAC sponsored by Gores Group that raised $345 million in its IPO last year.
The SPAC’s shareholders are scheduled to vote on the deal July 20.
Terms call for Matterport to receive the proceeds from a $295 million PIPE as well as the approximately $345 million in cash held in the Gores VI trust account.
Pending shareholder approval, the combined company is expected to have a post-transaction enterprise value of approximately $2.3 billion and equity value of $2.9 billion.
Matterport will list on the Nasdaq under MTTR. Read more.
