Matterport‘s former chief executive was awarded $79 million in damages by a Delaware court after prevailing in a stock dispute with his former company.
Vice Chancellor Lori W. Will, of the Delaware Chancery Court, said in a post-trial decision that the 3D technology company’s wrongful application of stock restrictions on ex-CEO William Brown caused Brown to miss out on some $79 million, Bloomberg reported.
The damages amount “provides Brown recompense for any lost profits he would have obtained had he been free to trade upon receiving his Matterport share,” Will said.
Matterport closed a merger with Gores Holdings VI in July 2021, with the combined company listing on the Nasdaq.
Matterport at the time said it raised nearly $605 million in gross proceeds on the deal, at a post-transaction enterprise value of approximately $2.3 billion and equity value of $2.9 billion. Read more.
