Gores Holding (NASDAQ:GHVI) stock is on the rise Friday after getting some coverage on CNBC.
Josh Brown is the commentator behind the positive movement today. During a segment on the news station, he said he’s going long on GHVI stock. That’s ahead of the special purpose acquisition company’s (SPAC) deal to bring digital transformation company Matterport public.
Brown backs up his position by saying that Matterport has loads of potential in its space. He also points to its CEO as having a strong resume with previous employers includes Apple, eBay, and Alphabet’s Google, reports Seeking Alpha.
Brown’s comments have reignited interest in GHVI stock and it’s seeing heavy trading today. As of this writing, more than 15 million shares of the stock have changed hands. That’s quite the jump from its daily average trading volume of 4.23 million shares.
Keeping all of that in mind, here’s what investors need to know about GHVI and its upcoming Matterport SPAC merger.
- The merger will result in a combined company operating under the Matterport, Inc. name.
- This will also have shares of GHVI stock switching over to the new MTTR ticker.
- The deal is between the two companies implies an equity value of approximately $2.9 billion.
- It will also provide Matterport with $640 million of funding after the deal closes.
- That comes from $345 million of cash held in trust by Gores Holding and another $295 million from a private investment in public equity (PIPE).
- The deal is set to close in the second quarter of 2021.
GHVI stock was up 17.2% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
