dMY Technology Group, Inc. III Announces Closing of $300 Million Initial Public Offering
November 17 2020 - 4:15PM
Business Wire
dMY Technology Group, Inc. III (the "Company") announced today
the closing of its initial public offering of 30,000,000 units at a
price of $10.00 per unit, including 2,500,000 units issued pursuant
to the exercise by the underwriters of their over-allotment option.
The units are listed on The New York Stock Exchange (the "NYSE")
and began trading under the ticker symbol "DMYI.U" on November 13,
2020. Each unit consists of one share of Class A common stock and
one-fourth of one redeemable warrant, with each whole warrant
exercisable to purchase one share of Class A common stock at a
price of $11.50 per share. After the securities comprising the
units begin separate trading, the shares of Class A common stock
and warrants are expected to be listed on the NYSE under the
symbols "DMYI" and "DMYI WS," respectively.
The Company is a blank check company whose business purpose is
to effect a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. While the Company may pursue an initial
business combination target in any industry or geographic region,
the Company intends to focus its search for an initial business
combination on companies within the broader consumer technology
ecosystem that are either consumer-facing or support the
infrastructure of consumer applications (“apps”) with enterprise
valuations in an approximate valuation range of $1.0 billion to
$3.0 billion, though the Company’s search may span consumer
software segments worldwide and may pursue a target outside its
expected range. The Company intends to specifically focus on
companies that have created, or enabled the creation of, compelling
mobile app experiences with significant growth in segments such as
gaming, entertainment, work productivity, e-commerce, dating,
financial technology, and health and wellness. Companies developing
disruptive and key enablement technologies for consumer-facing apps
in these segments, such as artificial intelligence (“AI”), machine
learning (“ML”), cloud infrastructures and quantum computing are
also within the scope of this search.
Goldman Sachs & Co., LLC acted as the sole bookrunner for
the offering and Needham & Company and Academy Securities, Inc.
acted as co-managers of the offering.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
(the "SEC") on November 12, 2020. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus. Copies
of the prospectus relating to this offering may be obtained from
Goldman Sachs & Co., LLC, Attention: Prospectus Department, 200
West Street, New York, NY 10282, telephone: +1 866 471 2526,
facsimile: +1 212 902 9316, or email:
prospectus-ny@ny.email.gs.com.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and search for an initial business combination. No
assurance can be given that the offering discussed above will be
completed on the terms described, or at all, or that the proceeds
of the offering will be used as indicated. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in the
Risk Factors section of the Company's registration statement for
the initial public offering filed with the SEC. Copies are
available on the SEC's website, www.sec.gov. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201117006229/en/
Investors: Harry You dMY Technology Group, Inc. III
harry@dmytechnology.com (702) 781-4313 Media Relations: ICR
dmy3@icrinc.com
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