Planet to Go Public Later This Year Via SPAC
Earth imaging satellite operator Planet Labs plans to combine with special purpose acquisition company dMY Technology to become publicly traded with an equity value of roughly $2.8 billion, Planet said Wednesday. It said along with the dMY transaction, investors including…
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a variety of BlackRock funds and Google are investing $200 million in dMY. The combined companies will have the $200 million and $345 million in dMY's trust account to expand into existing and new markets and build more software and machine-learning-enabled data products and services. Planet said the deal is expected to close later this year. It said Planet's current management, including the co-founders, CEO Will Marshall and Chief Strategy Officer Robbie Schingler, will continue to lead the public company.