Private company

Matterport, Inc./DE

Matterport, Inc./DE is an American prepackaged software services company based in Sunnyvale.1

Last updated Oct 20, 2026.

Overview

  • IndustryServices-Prepackaged Software1
  • HeadquartersSunnyvale, California1
  • Incorporated inDE2
  • Business address352 East Java Drive, Sunnyvale, Ca 940892
  • Filer categoryLarge accelerated filer2

Matterport is leading the digitization and datafication of the built world. We were incorporated in 2011 and are headquartered in Sunnyvale, California. Matterport’s website address is www.matterport.com.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

48.9%Gross margin5
-161.4%Operating margin5
-151.2%Net margin5
7.6%Revenue growth, 20245
-64.6%Return on equity5
-$21.6MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue25¢$86.8M
  • Research and development17¢$60.9M
  • Selling, general and admin58¢$200.8M
  • Income tax0¢$107.0K

Out of $169.7M in revenue.5 The company lost money this year.

Financial statements

Revenue675$169.7M in 2024+98% since 2020
0$50.0M$100.0M$150.0M$200.0M2020: $85.9M$85.9M20202021: $111.2M$111.2M2021+29%2022: $136.1M$136.1M2022+22%2023: $157.7M$157.7M2023+16%2024: $169.7M$169.7M2024+8%
Gross profit675$82.9M in 2024+73% since 2020
0$25.0M$50.0M$75.0M$100.0M2020: $47.9M$47.9M20202021: $60.0M$60.0M2021+25%2022: $51.8M$51.8M2022−14%2023: $70.5M$70.5M2023+36%2024: $82.9M$82.9M2024+18%
Operating income675-$273.9M in 2024+2269% since 2020
-$300.0M-$200.0M-$100.0M02020: -$11.6M-$11.6M20202021: -$147.8M-$147.8M2021+1178%2022: -$275.5M-$275.5M2022+86%2023: -$214.2M-$214.2M2023−22%2024: -$273.9M-$273.9M2024+28%
Net income675-$256.6M in 2024+1730% since 2020
-$400.0M-$300.0M-$200.0M-$100.0M02020: -$14.0M-$14.0M20202021: -$338.1M-$338.1M2021+2311%2022: -$111.3M-$111.3M2022−67%2023: -$199.1M-$199.1M2023+79%2024: -$256.6M-$256.6M2024+29%
Fiscal year201920202021202220232024
Revenue$85.9M6$111.2M7$136.1M5$157.7M5$169.7M5
Cost of revenue$37.9M6$51.2M7$84.3M5$87.3M5$86.8M5
Gross profit$47.9M6$60.0M7$51.8M5$70.5M5$82.9M5
Research and development$17.7M6$55.4M7$85.0M5$67.3M5$60.9M5
Selling, general and admin$41.8M6$152.4M7$242.3M5$217.4M5$200.8M5
Operating expenses$207.7M7$327.3M5$284.7M5$356.8M5
Operating income-$11.6M6-$147.8M7-$275.5M5-$214.2M5-$273.9M5
Interest$1.5M6$676.0K7$07$07
Income before tax-$338.3M7-$110.1M5-$198.9M5-$256.5M5
Income tax$77.0K6-$217.0K7$1.2M5$184.0K5$107.0K5
Net income-$14.0M6-$338.1M7-$111.3M5-$199.1M5-$256.6M5
Earnings per share-$0.436-$2.587-$0.395-$0.665-$0.805
Earnings per share (diluted)-$0.436-$2.587-$0.395-$0.665-$0.805
Shares (weighted, basic)131.3M shares7283.6M shares5300.7M shares5319.0M shares5
Shares (weighted, diluted)131.3M shares7283.6M shares5300.7M shares5319.0M shares5

Compare Matterport, Inc./DE with another company

Corporate structure

Matterport, Inc./DE sits at the top of its group. 5 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Matterport, Inc./DE

  • VANGUARD GROUP INC Filed SC 13G/A on Matterport, Inc./DE, latest Feb 13, 2024 (2 filings since Feb 9, 2023)
  • DCM VI, L.P. Filed SC 13G/A on Matterport, Inc./DE, latest Jan 26, 2024 (3 filings since Jan 27, 2022)
  • Lux Venture Partners III, LLC Filed SC 13D/A on Matterport, Inc./DE, latest Mar 17, 2022 (2 filings since Jan 28, 2022)
  • Gores Sponsor VI LLC Filed SC 13G/A on Matterport, Inc./DE, latest Feb 11, 2022
  • Matterport, Inc./DE Sunnyvale, California
    • Enview, LLC Subsidiary · Delaware, United States
    • Matterport Japan K.K. Subsidiary · Japan
    • Matterport Operating, LLC Subsidiary · Delaware, United States
    • VHT, Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Matterport, Inc./DE reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$99.0M5 Dec 31, 2024$80.3M5 Dec 31, 2023+23.3%
Accumulated depreciation$69.3M5 Dec 31, 2024$47.8M5 Dec 31, 2023+44.9%
Property and equipment, net$29.7M5 Dec 31, 2024$32.5M5 Dec 31, 2023−8.5%
Operating-lease assets (leased space)$91.0K5 Dec 31, 2024$625.0K5 Dec 31, 2023−85.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$57.2M5 Dec 31, 2024$82.9M5 Dec 31, 2023−31.0%
Marketable securities, current$189.4M5 Dec 31, 2024$305.3M5 Dec 31, 2023−38.0%
Debt securities available for sale$247.0M5 Dec 31, 2024$340.1M5 Dec 31, 2023−27.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$69.6M5 Dec 31, 2024$69.6M5 Dec 31, 20230%
Intangible assets, net (excluding goodwill)$7.3M5 Dec 31, 2024$9.1M5 Dec 31, 2023−19.4%
Finite-lived intangibles, gross$12.3M5 Dec 31, 2024$12.3M5 Dec 31, 20230%
Accumulated amortization$5.0M5 Dec 31, 2024$3.2M5 Dec 31, 2023+55.7%
Finite-lived intangibles, net$7.3M5 Dec 31, 2024$9.1M5 Dec 31, 2023−19.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$5.6M5 Dec 31, 2024$9.1M5 Dec 31, 2023−38.8%
Raw materials$2.0M5 Dec 31, 2024$2.1M5 Dec 31, 2023−5.9%
Work in process$628.0K5 Dec 31, 2024$826.0K5 Dec 31, 2023−24.0%
Finished goods$3.0M5 Dec 31, 2024$6.2M5 Dec 31, 2023−52.0%

Properties, in its own words

Matterport’s corporate headquarters are located at 352 East Java Drive, Sunnyvale, California 94089, where we occupy approximately 13,822 square feet of leased office space, excluding leases we have ceased to use. Our original lease of this facility expires in February 2025, and we entered an amendment to extend the facility for six months until August 31, 2025. We believe the existing facilities are in good operating condition and adequate to meet our existing needs.

Item 2 of the 10-K filed Feb 26, 2025.4

Leadership

Who has led Matterport, Inc./DE, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (14)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Enview, LLC Delaware3
  • Matterport B.V. Netherlands3
  • Matterport Japan K.K. Japan3
  • Matterport Operating, LLC Delaware3
  • Matterport Pte. Ltd. Singapore3
  • VHT, Inc. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Gores Holdings VI, Inc.Aug 25, 2020 to Jul 26, 20212

Timeline

  1. Feb 28, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights27
  2. Feb 26, 20258-K Results of operations; Regulation FD disclosure28
  3. Nov 12, 20248-K Results of operations; Regulation FD disclosure29
  4. Aug 6, 20248-K Results of operations; Regulation FD disclosure30
  5. Jul 26, 20248-K Shareholder vote31
  6. Jul 3, 20248-K Other events32
  7. Jun 12, 20248-K Shareholder vote33
  8. May 29, 20248-K Other events34
  9. May 6, 20248-K Results of operations; Regulation FD disclosure35
  10. Apr 22, 20248-K Entered a material agreement; Executive or director change; Other events36
  11. Apr 12, 20248-K Other events37
  12. Apr 2, 20248-K Regulation FD disclosure38
  13. Jul 27, 2021New chief executive Raymond J. Pittman becomes CEO11

Calendar

When it reported results

  1. Feb 26, 2025Reported quarterly or annual results28
  2. Nov 12, 2024Reported quarterly or annual results29
  3. Aug 6, 2024Reported quarterly or annual results30
  4. May 6, 2024Reported quarterly or annual results35
  5. Feb 20, 2024Reported quarterly or annual results39
  6. Nov 6, 2023Reported quarterly or annual results40
  7. Aug 8, 2023Reported quarterly or annual results41
  8. May 9, 2023Reported quarterly or annual results42

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

376 filings to the SEC since October 2021: 6 annual reports, 10 quarterly reports, 36 major events, 215 insider forms, 8 large holders, 101 other. The latest 20:

  1. Mar 10, 202515-12G EDGAR
  2. Mar 5, 2025EFFECT EDGAR
  3. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  4. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  5. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  6. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  7. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  8. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  9. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  10. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  11. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  12. Mar 3, 20254 OWNERSHIP DOCUMENT EDGAR
  13. Feb 28, 2025POS AM EDGAR
  14. Feb 28, 2025S-8 POS EDGAR
  15. Feb 28, 20258-K EDGAR
  16. Feb 26, 202510-K EDGAR
  17. Feb 26, 2025425 EDGAR
  18. Feb 26, 20258-K EDGAR
  19. Feb 20, 20254 PRIMARY DOCUMENT EDGAR
  20. Feb 6, 20254 PRIMARY DOCUMENT EDGAR

The 376 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

135 open-market trades by officers, directors and large owners since October 2021: 5 buys and 130 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 2, 2024Presunka PeterChief Accounting OfficerSale13,000$4.73$61.5KForm 4
Dec 2, 2024Zinn MatthewChief Legal OfficerSale84,441$4.73$399.4KForm 4
Dec 2, 2024Tulsi JapjitChief Technology OfficerSale85,015$4.73$402.1KForm 4
Dec 2, 2024Remley JayChief Revenue OfficerSale82,229$4.73$388.9KForm 4
Dec 2, 2024Fay James DanielChief Financial OfficerSale119,312$4.73$564.3KForm 4
Dec 2, 2024PITTMAN RAYMOND JChief Executive OfficerSale358,607$4.73$1.7MForm 4
Oct 1, 2024Fay James DanielChief Financial OfficerSale25,000$4.47$111.8KForm 4
Sep 6, 2024Tulsi JapjitChief Technology OfficerSale5,969$4.16$24.8KForm 4
Sep 6, 2024Zinn MatthewChief Legal OfficerSale5,927$4.16$24.7KForm 4
Sep 6, 2024Presunka PeterChief Accounting OfficerSale912$4.16$3.8KForm 4
Sep 6, 2024Remley JayChief Revenue OfficerSale5,772$4.16$24.0KForm 4
Sep 6, 2024Fay James DanielChief Financial OfficerSale8,375$4.16$34.8KForm 4
Sep 6, 2024PITTMAN RAYMOND JChief Executive OfficerSale25,173$4.16$104.7KForm 4
Sep 5, 2024Tulsi JapjitChief Technology OfficerSale17,599$4.23$74.4KForm 4
Sep 5, 2024Zinn MatthewChief Legal OfficerSale17,476$4.23$73.9KForm 4
Sep 5, 2024Presunka PeterChief Accounting OfficerSale2,690$4.23$11.4KForm 4
Sep 5, 2024Remley JayChief Revenue OfficerSale17,018$4.23$72.0KForm 4
Sep 5, 2024Fay James DanielChief Financial OfficerSale24,692$4.23$104.4KForm 4
Sep 5, 2024PITTMAN RAYMOND JChief Executive OfficerSale74,214$4.23$313.9KForm 4
Sep 4, 2024Tulsi JapjitChief Technology OfficerSale29,437$4.36$128.3KForm 4

All 135 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Matterport, Inc./DE is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMatterport, Inc./DE1
  • CIK0001819394
  • Employer ID (EIN)85-16950484
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address352 East Java Drive, Sunnyvale, CA 940891
  • Phone650-641-22411
  • Shares outstanding327,624,104 shares as of Feb 24, 20254
  • Public float$1.3B as of Jun 30, 20244
  • AuditorPricewaterhouseCoopers LLP, Atlanta, Georgia PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceAug 25, 20201
  • Filings486 in all: 4 (214), 144 (52), 8-K (47), 425 (41), 424B3 (19), 3 (18), 10-Q (12), 4/A (8)1
    All 42 form types

    CORRESP (6), EFFECT (6), SC 13G (6), SC 13G/A (6), 10-K (5), 10-K/A (3), DEF 14A (3), DEFA14A (3), POS AM (3), S-1/A (3), UPLOAD (3), 5 (2), 8-K/A (2), ARS (2), S-1 (2), SC 13D/A (2), 15-12G (1), 25-NSE (1), 25-NSE/A (1), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), DEFM14A (1), DRS (1), NT 10-Q (1), POS EX (1), PRE 14A (1), S-4 (1), S-4/A (1), S-8 (1), S-8 POS (1), SC 13D (1), SD (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2025
    Quarterly report (10-Q) Nov 12, 2024
    Proxy statement (DEF 14A) Apr 24, 2024
    Latest 8-K (8-K) Feb 28, 2025

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, par value of $0.0001 per shareMTTRThe Nasdaq Global Market

From the cover page of the 10-K filed Feb 26, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Matterport, Inc./DE names in Item 1A of its 10-K filed Feb 26, 2025: 50 risks under these headings, as written.4

  • Risks Related to Our Business
  • We have experienced rapid growth and expect to invest in growth for the foreseeable future. If we fail to manage growth effectively, our business, operating results and financial condition would be adversely affected.
  • Our forecasts and projections are based upon assumptions, analyses and internal estimates developed by our management. If these assumptions, analyses or estimates prove to be incorrect or inaccurate, our actual operating results may differ materially from those forecasted or projected.
  • We have a history of losses and expect to incur significant expenses and continuing losses at least for the near term.
  • Certain of our estimates of market opportunity and forecasts of market growth may prove to be inaccurate.
  • We currently face competition from a number of companies and expect to face significant competition in the future as the market for spatial data develops.
  • If third party suppliers upon which we rely are not able to fulfill our needs, our ability to timely and cost effectively bring our products to market could be affected.
  • The impact of the risks associated with international geopolitical conflicts, including escalating tensions between Taiwan and China, the Russian invasion of Ukraine, and the Israeli-Palestinian conflict, on the global economy, energy supplies and supply of raw materials are uncertain, but may negatively impact our business, results of operations and financial condition.
  • Our business may be negatively affected by domestic and global economic and credit conditions.
  • Prolonged economic uncertainties or downturns could materially adversely affect our business.
  • If we are unable to attract and retain key employees and hire qualified management, technical, engineering and sales personnel, our ability to compete and successfully grow our business would be adversely affected.
  • Some of our facilities are located in an active earthquake zone or in areas susceptible to wildfires and other severe weather events. An earthquake, wildfire or other natural disaster or resource shortage, including public safety power shut-offs that have occurred and will continue to occur in California or other states, could disrupt and harm our operations.
The other 39 risks
  • If we fail to retain current subscribers or add new subscribers, our business would be seriously harmed.
  • We may be unable to build and maintain successful relationships with our strategic alliances and reseller partners, and such alliances and partnerships may fail to perform, which could adversely affect our business, financial condition, results of operations and growth prospects.
  • Our business strategy includes growing our portfolio through potential future acquisitions, strategic investments, partnerships or alliances that could be difficult to identify and integrate. Such projects may divert the attention of key management personnel, disrupt our business, dilute our existing stockholders’ value and adversely affect our financial condition and results of operations.
  • We may need to raise additional funds to finance our operations and these funds may not be available when needed.
  • We operate in a new market, and global economic conditions and instability may adversely affect our business.
  • We incur increased costs and administrative burden as a result of operating as a public company, and our management devotes substantial time to maintaining compliance.
  • Climate change and related public focus from regulators and various stakeholders could have a material adverse effect on our business, financial condition, cash flows and results of operations.
  • Risks Related to Litigation
  • We are currently involved in litigation with one of our former stockholders relating to the lock-up restrictions included in our Amended and Restated Bylaws.
  • We are currently involved in litigation with two of our stockholders relating to the issuance of Earn-Out shares in connection with the February 7, 2021 Agreement and Plan of Merger.
  • We are currently and may from time to time be involved in lawsuits and other litigation matters that are expensive and time-consuming. If resolved adversely, lawsuits and other litigation matters could seriously harm our business.
  • Risks Related to Our Intellectual Property, Information Technology, Data Privacy, Data Security and Regulatory Issues
  • We rely significantly on the use of information technology. Cybersecurity risks – any technology failures causing a material disruption to operational technology or cyber-attacks on our systems affecting our ability to protect the integrity and security of customer and employee information – could harm our reputation and/or could disrupt our operations and negatively impact our business.
  • Because we store, process, and use data, some of which contains personal information, we are subject to complex and evolving federal, state and foreign laws, regulations, industry standards, and other legal obligations regarding data privacy and security matters. Failure to comply with such laws, regulations, industry standards, and legal obligations could have a material adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences.
  • Our products are highly technical and may contain undetected software bugs or hardware errors, which could manifest in ways that could seriously harm our reputation and our business.
  • Our products contain third-party open source software components, and failure to comply with the terms of the underlying open source software licenses could restrict our ability to deliver our platform or subject us to litigation or other actions.
  • Our future growth and success are dependent upon the continuing rapid adoption of spatial data.
  • The spatial data market is characterized by rapid technological change, which requires us to continue to develop new services, products and service and product innovations. Any delays in such development could adversely affect market adoption of our products and services and could adversely affect our business and financial results.
  • We may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive, and adversely affect our business.
  • Our business may be adversely affected if we are unable to protect our spatial data technology and intellectual property from unauthorized use by third parties.
  • Changes to applicable U.S. tax laws and regulations or exposure to additional income tax liabilities could affect our business and future profitability.
  • As a result of plans to expand our business operations, including to jurisdictions in which tax laws may not be favorable, our tax rates may fluctuate, tax obligations may become significantly more complex and subject to greater risk of examination by taxing authorities and we may be subject to future changes in tax law, the impacts of which could adversely affect our after-tax profitability and financial results.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Failure to comply with laws relating to employment could subject us to penalties and other adverse consequences.
  • Changes in laws, regulations or rules, or a failure to comply with any laws, regulations or rules, may adversely affect our business, investments and results of operations.
  • The warrants are recorded at fair value with changes in fair value reported in our earnings, which could have an adverse effect on the market price of our common stock and/or an adverse effect on our financial results.
  • Risks Related to Ownership of Our Common Stock
  • Our financial condition and results of operations are likely to fluctuate on a quarterly basis in future periods, which could cause our results for a particular period to fall below expectations, resulting in a decline in the price of our common stock.
  • We do not intend to pay cash dividends for the foreseeable future.
  • General Risk Factors
  • Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.
  • The market price and trading volume of our common stock may be volatile and could decline significantly.
  • If securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our common stock adversely, then the price and trading volume of our common stock could decline.
  • Future issuances of debt securities and equity securities may adversely affect us, including the market price of our common stock and may be dilutive to existing stockholders.
  • If we fail to maintain an effective system of internal controls, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • We have identified a material weakness in our internal control over financial reporting and if we are not able to remediate the material weakness, or if we identify additional material weaknesses in the future or otherwise fail to design and maintain effective internal control over financial reporting, then we may be unable to accurately report our results of operations, meet our reporting obligations or prevent misstatements due to fraud or error.
  • The proposed CoStar Group Mergers are subject to the satisfaction of closing conditions, including government approvals, some or all of which may not be satisfied or completed within the expected timeframe, if at all.
  • We may not complete the proposed CoStar Group Mergers within the time frame we anticipate or at all, which could have an adverse effect on our stock price as well as our business, financial results and/or operations.
  • We will be subject to various business uncertainties while the CoStar Group Mergers are pending that may cause disruption.
  • The CoStar Group Merger Agreement may be terminated under various circumstances, including in connection with a superior proposal, and we would incur fees and expenses in connection with such termination.
  • We have incurred, and will continue to incur, direct and indirect costs as a result of the CoStar Group Mergers.
  • Litigation challenging the CoStar Group Mergers may increase costs and prevent the CoStar Group Mergers from being completed within the expected timeframe, or from being completed at all.

Legal proceedings

On July 23, 2021, plaintiff William J. Brown, a former employee and a stockholder of Matterport, Inc. (now known as Matterport Operating, LLC) (“Legacy Matterport”), sued Legacy Matterport, Gores Holdings VI, Inc. (now known as Matterport, Inc.), Maker Merger Sub Inc., Maker Merger Sub II, LLC, and Legacy Matterport directors R.J. Pittman, David Gausebeck, Matt Bell, Peter Hebert, Jason Krikorian, Carlos Kokron and Michael Gustafson (collectively, the “Brown Defendants”) in the Court of Chancery of the State of Delaware (the “Delaware Court of Chancery”). On September 3, 2021, the plaintiff filed an amended complaint advancing three counts. The plaintiff’s complaint claimed that the Brown Defendants imposed invalid transfer restrictions on his shares of Matterport stock in connection with the Gores Merger transactions between Matterport, Inc. and Legacy Matterport (the “Transfer Restrictions”), and that Legacy Matterport’s board of directors violated their fiduciary duties in connection with a purportedly misleading letter of transmittal. The complaint sought damages and costs, as well as a declaration from the court that he may freely transfer his shares of Class A common stock of Matterport received in connection with the Gores Merger transactions. An expedited trial regarding the facial validity of the Transfer Restrictions took place in December 2021. On January 11, 2022, the court issued a ruling that the Transfer Restrictions did not apply to the plaintiff. The opinion did not address the validity of the Transfer Restrictions more broadly or whether Brown suffered any damages as a result of the Transfer Restrictions. Matterport filed a notice of appeal of the court’s ruling on February 8, 2022, and a hearing was held in front of the Delaware Supreme Court on July 13, 2022, after which the appellate court affirmed the lower court’s ruling.

The opening of Item 3, Legal Proceedings.4

Sources

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