Gores Holdings VI  (NASDAQ:GHVI) announced this morning that it has completed its combination with proptech firm Matterport following at a special meeting of shareholders on July 20.

The combined company will commence trading on Nasdaq under the new ticker symbol “MTTR” on July 23, 2021

The release did not include exact redemption figures, but noted that the deal’s final proceeds included about $310 million from Gores VI’s trust. Given that the SPAC had about $345 million in trust going into the vote, less deferred underwriting fees, that figure would indicate minimal redemptions.

But the total proceeds including $295 million PIPE still amounted to about $605 million, easily above the transactions $520 minimum cash condition. However, any amount of redemptions would be a surprise as Gores VI traded above $13 throughout July 16, the day of the SPAC’s redemption deadline. Redeeming would be an unnecessary hit.

The parties initially inked the $2.3 billion deal on February 8. Founded in 2011, Matterport has defined the spatial data category for the built world with its market-leading platform that turns any physical space into an immersive 3D digital twin. The Company has created the largest spatial data library in the world, with more than 10 billion square feet of space and growing.

ADVISORS

• Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as financial advisors and capital markets advisors to Gores Holdings VI.
• Moelis & Company, LLC is also acting as financial advisor to Gores Holdings VI.
• Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as joint lead placement agents on the PIPE
• Credit Suisse is serving as exclusive financial advisor and capital markets advisor to Matterport and acted as joint lead placement agent on the PIPE.
• Weil, Gotshal & Manges, LLP is acting as legal advisor to Gores Holdings VI.
• Latham & Watkins LLP is serving as legal advisor to Matterport.
• Orrick LLP is serving as Matterport’s general corporate counsel.