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Matterport, Headed for De-SPAC, Sued by Ex-CEO Over Stock Lockup

July 14, 2021, 4:22 PM

Matterport Inc.'s former CEO filed suit in Delaware against the company, its board, and the “special purpose acquisition company” it’s merging with, claiming they’re wrongly trying to place “onerous trading restrictions” on his 1.4 million shares as the 3D technology maker prepares to go public.

The lawsuit, filed Tuesday in Delaware Chancery Court, stems from a combination set to close this month between privately held Matterport and Gores Holding VI Inc., a SPAC sponsored by Gores Group LLC that raised $345 million in its initial public offering last year.

SPACs, or blank-check companies, are publicly traded entities that raise money ...