Real Estate Tech Firm Matterport May Go Public Via Spac

Matterport CEO RJ Pittman (Getty)

The VC-backed real estate tech company Matterport, which designs software that allows virtual walkthroughs, is the latest firm to explore going public via a blank-check company.

The company is in talks to list via a merger with Gores Holding VI, a special-purpose acquisition company founded late last year by investment firm the Gores Group, Bloomberg News reported. The companies confirmed the arrangement in a press release Monday morning.

The deal is expected to close in the second quarter of 2021. The new company will be known as Matterport Inc., and will list on Nasdaq under MTTR. The transaction would value the combined company at more than $2 billion, according to Bloomberg.

Virtual walkthroughs of properties have become increasingly popular during the pandemic, especially in areas of the country where in-person showings were prohibited for a period of time.

Matterport’s 3D technology is used in more than 130 countries by clients, which include Redfin and Marriott International. The company has raised $168 million and was valued at $355 million in 2019. Its investors include DCM Ventures and the venture arms of Advanced Micro Devices and Qualcomm.

The SPAC frenzy that has gripped investors in the past

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BOA Acquisition Plans Real Estate Technology SPAC

Already in 2021, the trend of special purpose acquisition companies (SPACs) has continued so swiftly that it may dwarf the activity that took place in 2020. These “blank check” companies are used to raise money for a variety of companies across many different sectors, including real estate.

Already this year, we’ve seen Simon Property Group (NYSE: SPG) create a SPAC, and a proptech start-up, Latch, was acquired by Tishman Speyer’s SPAC. The newest SPAC with an eye on real estate is BOA Acquisition, which announced its intentions last week with the filing of an S-1. BOA seeks to raise up to $175 million in its initial public offering.

The reason this SPAC may have real estate on its radar is that the chairman of the company is Scott Seligman, chairman of The Seligman Group, a company that specializes in acquisition and management of commercial and residential properties across the United States. The Seligman Group portfolio includes a variety of real estate types, including malls, industrial buildings, offices, and hotels.

The details on BOA

BOA Acquisition is offering shares of Class A stock for $10 per share along with one-half of one redeemable warrant.

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Real Estate Venture Capital Firm Fifth Wall Launching a New Real Estate SPAC

More companies are choosing to go public through SPACs, or special purpose acquisition companies, than ever before. In 2020 alone, more than 200 SPACs completed IPOs, which is more than there were in the 10 years before combined. And although it’s early in the year, 2021 is shaping up to be even more active in the SPAC world.

Real estate companies are getting in on the action as well. We’ve already seen Opendoor (NASDAQ: OPEN) go public via SPAC, and there are several SPACs in the market now searching for a real estate technology company to acquire.

We recently learned that there will be one more. Real estate-focused venture capital firm Fifth Wall is launching a SPAC of its own, called Fifth Wall Acquisition I. Here’s what we know so far and what investors should keep in mind before buying it.

What is Fifth Wall Acquisition I, and how does it work?

A SPAC is a company created for the sole purpose of raising capital and merging with a private company. It’s an alternative way to take a company public. For example, a SPAC called Social Capital Hedosophia Holdings V (NYSE: IPOE) recently agreed to take financial technology startup

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Real estate technology SPAC Fifth Wall Acquisition I files for a $250 million IPO

Fifth Wall Acquisition I, a blank check company targeting a real estate technology business, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The Los Angeles, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Fifth Wall Acquisition I would command a market value of $313 million.

The company is led by CEO and Chairman Brendan Wallace, who has served as Co-Founder and Managing Partner of Fifth Wall Ventures since 2016, and CFO and Director Andriy Mykhaylovskyy, who has been a Managing Partner at Fifth Wall Ventures since 2017. Fifth Wall Acquisition I intends to leverage its management team’s experience and target a technology business focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond, which they refer to as the “Built World.”

Fifth Wall Acquisition I was founded in 2020 and plans to

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(LCY), Forest Oil Corporation (NYSE:FST) – Hillman Group In Talks With Tilman Fertitta SPAC: Bloomberg

Tilman Fertitta may be targeting a fastener and home improvement company with the third Landcadia Holdings SPAC.

What Happened: Fertitta’s Landcadia Holdings III Inc (NASDAQ: LCY) is in talks to take Hillman Group public, according to Bloomberg.

Hillman makes fasteners and home improvement products. The company supplies products to over 38,000 companies, including top home improvement retailers Home Depot Inc (NYSE: HD) and Lowe’s Companies Inc (NYSE: LOW).

The deal could value Hillman at over $2 billion. Hillman has been owned by private equity company CCMP since 2014, when it was purchased for $1.5 billion from another private equity company.

Related Link: This Small Cap Stock Could Be A Cheaper Way To Play DoorDash, Uber Eats

Why It’s Important: Fertitta has quickly become an experienced name in the SPAC market. Landcadia Holdings’ first SPAC took Waitr Holdings Inc (NASDAQ: WTRH) public in Nov. 2018. The second Fertitta SPAC took Golden Nugget Online Inc (NASDAQ: GNOG) public last month.

Fertitta is also in talks for his restaurant and casino businesses to go public with SPAC Fast Acquisition Corp (NYSE: FST), according to Bloomberg.

Price Action: Shares of Landcadia Holdings III traded higher on the rumor and were halted briefly on

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