- Strong investor support demonstrated with only approximately
2% of dMY Technology Group IV, Inc. (NYSE: DMYQ) public shares
submitted for redemption
- dMY IV expects to permit any redeeming stockholders to change
their election and withdraw their redemption request by contacting
Continental Stock Transfer & Trust Company by Monday 5:00 p.m.
Eastern Time, December 6, 2021 (the withdrawal deadline)
- Special meeting of dMY IV stockholders is scheduled for
December 3, 2021 at 12:00 p.m. ET to approve the transaction
- dMY IV expects all closing conditions to be met to complete
its business combination
- With a minimum of $589 million in gross proceeds, Planet
believes it is fully capitalized to execute on its growth
initiatives
Planet, a leading provider of daily data and insights about
earth, today announced that, subject to stockholder approval, it
expects to complete its previously announced business combination
with dMY Technology Group, Inc. IV (NYSE:DMYQ) (“dMY IV”), a
special purpose acquisition company, shortly after dMY IV's special
meeting of stockholders, scheduled for December 3, 2021 at 12:00
p.m. Eastern Time.
Planet’s proprietary data drives a high-growth subscription
business with over $100 million in revenue in fiscal year 2021 from
over 700 customers across many verticals, including agriculture,
defense, civil government and sustainability. The business
combination is expected to result in at least $589 million in gross
proceeds (after giving effect to preliminary redemption elections,
which may be withdrawn) to the post-closing company, which includes
proceeds from the dMY IV trust account and committed private
placements of $252 million. The business combination values Planet
at a post-transaction equity value of approximately $2.8 billion.
Planet intends to use the proceeds from the transaction to expand
its operations and services to enable a more sustainable and secure
planet, as well as to pay down debt of approximately $67
million.
"We are encouraged by the support for this transaction in
partnership with the dMY team," said Will Marshall, Planet’s
co-founder and CEO. “The capital raised will accelerate Planet's
strategy to provide our customers with actionable data and
solutions to make informed decisions that support Planet’s mission
of using space to help life on Earth. With the minimum of $589
million in gross proceeds, we are fully capitalized to execute on
our growth initiatives."
"We are pleased with the investor interest in this transaction
and are excited for the future of Planet’s business," said Niccolo
de Masi, CEO of dMY IV. "Planet is a leader in this industry and
well positioned to execute its mission, and create long-term
shareholder value by doing so. We look forward to partnering with
Will and the incredible Planet team as they transition to a public
company dedicated to helping both people and our world."
dMY IV also announced today that it expects to permit any
redeeming stockholders to withdraw their redemption request by
contacting Continental Stock Transfer & Trust Company by 5:00
p.m. Eastern Time on Monday, December 6, 2021. Stockholders who
wish to withdraw a redemption request should contact dMY IV's
transfer agent, Continental Stock Transfer & Trust Company, by
email at cstmail@continentalstock.com.
dMY IV will hold a special meeting of its stockholders via a
live webcast at https://www.cstproxy.com/dmytechnologyiv/2021 on
December 3, 2021 at 12:00 p.m. New York City time for its
stockholders of record at the close of business on October 19, 2021
to vote on, among other things, the business combination. dMY IV
has also filed with the SEC a definitive proxy statement/prospectus
relating to the business combination.
About Planet
Planet is the 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,
comprised of 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.
Important Information and Where to Find It
This press release may be deemed solicitation material in
respect of the proposed business combination between dMY IV and
Planet, which will be submitted to the stockholders of dMY IV and
Planet for their approval. In connection with the vote of dMY IV’s
stockholders, dMY IV has filed a Registration Statement with SEC,
which includes a proxy statement/prospectus and certain other
related documents. dMY IV has mailed the definitive proxy
statement/prospectus and a proxy card to each stockholder of record
as of October 19, 2021 entitled to vote at the special meeting
relating to the business combination. dMY IV also will file other
documents regarding the proposed transaction with the SEC. This
communication does not contain all the information that should be
considered concerning the proposed business combination and the
other matters to be voted upon at the special meeting and is not
intended to provide the basis for any investment decision or any
other decision in respect of such matters. dMY IV’s stockholders
and other interested parties are urged to read the Registration
Statement, which includes the preliminary proxy
statement/prospectus, the amendments thereto, the definitive proxy
statement and any other relevant documents that are filed or
furnished or will be filed or will be furnished with the SEC
carefully and in their entirety in connection with dMY IV’s
solicitation of proxies for the special meeting, as these materials
will contain important information about Planet and dMY IV and the
proposed business combination and other related matters.
Stockholders will also be able to obtain copies of these materials,
without charge, once available, at the SEC’s website at
http://www.sec.gov, at the Company’s website at
https://www.dmytechnology.com or by written request to dMY
Technology Group, Inc. IV at 1180 North Town Center Drive, Suite
100, Las Vegas, Nevada 89144.
Participants in the Solicitation
dMY IV, dMY Sponsor IV, LLC, Planet and their respective
directors and executive officers may be deemed participants in the
solicitation of proxies from dMY IV’s stockholders with respect to
the business combination. A list of the names of those directors
and executive officers and a description of their interests in dMY
IV is included in the Registration Statement, which includes the
preliminary proxy statement/prospectus, the amendments thereto, the
definitive proxy statement of dMY IV, for the business combination
and is available at www.sec.gov. Additional information regarding
the interests of such participants will be contained in the
definitive proxy statement/prospectus for the business combination
when available. You may obtain free copies of these documents as
described in the preceding paragraph.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 with respect to the
proposed transaction between dMY IV and Planet, including
statements regarding the benefits of the transaction, the
anticipated timing of the transaction, the services offered by
Planet and the markets in which it operates. dMY IV’s and Planet’s
actual results may differ from their expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“would,” “believes,” “predicts,” “potential,” “strategy,”
“opportunity,” “continue,” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, dMY IV’s and Planet’s
expectations with respect to future performance and anticipated
financial impacts of the business combination, the satisfaction of
the closing conditions to the business combination and the timing
of the completion of the business combination. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside dMY IV’s and Planet’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; (2) the lack of a third party valuation in determining
whether the proposed transaction is fair to the stockholders from a
financial point of view; (3) the outcome of any legal proceedings
that may be instituted against dMY IV and Planet following the
announcement of the merger agreement and the transactions
contemplated therein; (4) the inability to complete the business
combination, including due to failure to obtain approval of the
stockholders of dMY IV or Planet, certain governmental or
regulatory approvals, the satisfaction of the minimum trust account
amount following redemption by dMY IV’s public stockholders, or
satisfy other conditions to closing in the merger agreement; (5)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement or could
otherwise cause the transaction to fail to close; (6) the impact of
COVID-19 on Planet’s business and/or the ability of the parties to
complete the business combination; (7) the inability to obtain or
maintain the listing of the combined company’s Class A common stock
on the New York Stock Exchange following the business combination;
(8) the risk that the business combination disrupts current plans,
operations, business relationships, performance and business
generally as a result of the announcement and consummation of the
business combination; (9) the ability to recognize the anticipated
benefits of the business combination, which may be affected by,
among other things, competition, and the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers, and retain its
management and key employees; (10) costs related to the business
combination; (11) changes in applicable laws or regulations; (12)
the ability to implement business plans, forecasts, and other
expectations after the completion of the proposed transaction, and
identify and realize additional opportunities; (13) the possibility
that Planet or dMY IV may be adversely affected by other economic,
business, and/or competitive factors; and (14) other risks and
uncertainties indicated from time to time in the proxy
statement/prospectus relating to the business combination,
including those under “Risk Factors” therein, and in dMY IV’s other
filings with the SEC. dMY IV cautions that the foregoing list of
factors is not exclusive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of dMY IV’s Quarterly Reports on Form
10-Q, the Registration Statement and proxy statement/prospectus
discussed above and other documents filed by dMY IV from time to
time with the SEC. These filings identify and address or will
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are
made. Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. dMY IV
and Planet caution readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
dMY IV and Planet do not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
No Offer or Solicitation
This press release is for informational purposes only and shall
not constitute a solicitation of a proxy, consent or authorization
with respect to any securities or in respect of the business
combination. This press release shall also not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any states or
jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
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version on businesswire.com: https://www.businesswire.com/news/home/20211202005337/en/
You may contact Continental Stock & Trust as follows:
By Phone: 1.800.509.5586 or
1.877.634.5370 8:30-5:30 pm EST, Monday - Friday
By Email:
cstmail@continentalstock.com
By Mail: Continental Stock Transfer
& Trust ATTN: Shareholder Relations 1 State Street, 30th Floor
New York, NY 10004-1561
Web: Continental
Investor Contacts Investor: Chris
Genualdi Planet ir@planet.com
Press Contacts: Megan Zaroda Planet Comms@planet.com
John Christiansen/Cassandra Bujarski Sard Verbinnen & Co
Planet-SVC@sardverb.com
ICR dMY Technology Group, Inc. IV dmy4@icrinc.com
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