SAN FRANCISCO (Planet Labs PR) — Planet Labs Inc. (“Planet”), a leading provider of daily data and insights about earth, today announced that its proposed business combination with dMY Technology Group, Inc. IV (NYSE:DMYQ) (“dMY IV”), a special purpose acquisition company, was approved by dMY IV’s stockholders at its special meeting held on December 3, 2021.
Approximately 99% of the votes cast at the meeting on the business combination proposal voted to approve the transaction.
The closing of the business combination is expected to take place on December 7, 2021. The transaction will result in at least $590 million in gross proceeds for the post-closing company, including proceeds from the dMY IV trust account and the previously announced committed private placement. Following the closing, the post-closing company will be renamed “Planet Labs PBC” and its common stock is expected to begin trading on the New York Stock Exchange beginning on December 8 under the ticker symbol “PL”.
“We are excited to announce the approval of this transaction and look forward to using this capital to continue driving innovation in Earth data and analytics to solve some of the world’s most pressing problems as a public company. Our forthcoming status as a public benefit corporation once we are listed emphasizes this commitment,” said Planet co-founder and CEO Will Marshall. “With our leading data and imaging platform and the experience of the Planet and dMY IV teams, we will further scale our business and accelerate on our growth initiatives.”
“As a pioneer in the industry, Planet has created an exceptional platform that leverages data-driven insights to harness the power of space to help life on Earth,” said Niccolo de Masi, CEO of dMY IV. “With the support of our stockholders for the business combination, we look forward to the next phase of our partnership with Will and the Planet team as they become public and cement their leadership position in the data ecosystem.”
The formal results of the vote will be included in a Current Report on Form 8-K, to be filed by the post-closing company with the Securities and Exchange Commission.
Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites, capturing and compiling data from over 3 million images per day. Planet provides mission-critical data, advanced insights, and software solutions to over 700 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Earlier this year, Planet entered into a definitive merger agreement with dMY Technology Group, Inc. IV (NYSE:DMYQ), a special purpose acquisition company, to become a publicly-traded company later this year. To learn more visit www.planet.com and follow us on Twitter at @planet.
About dMY IV
dMY Technology Group, Inc. IV is a special purpose acquisition company founded by Niccolo de Masi and Harry You for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Its Class A common stock, units and warrants trade on the NYSE under the ticker symbols DMYQ, DMYQ.U and DMYQ WS, respectively. More information can be found at www.dmytechnology.com.