This Metaverse Stock Could Test Investors' Patience
SPAC stocks became a market phenomenon in 2020 and 2021 when more than 800 of these special purpose acquisition companies went public on the hopes of an eventual merger with another company. Those 800-plus new listings were more SPACs than in the nearly 20 previous years combined.
Spacial data specialist Matterport (NASDAQ: MTTR) was formed out of this surging group and got its public start through a merger with the SPAC Gores Holdings VI in July 2021. Stock for the merged company soared as high as $37.60 a share in mid-November, well above the $10 per share price the SPAC was at its creation.
Unfortunately, this technology stock with metaverse potential has fallen in recent months and now trades around $7.70 a share, well below its SPAC price. That's a 79% decline from its 52-week high.
Source Fool.com
