Planet to Begin Trading on the New York Stock
Exchange Under the Ticker “PL” on December 8th, 2021
Gross Proceeds of over $590 million to Support
Expansion of Planet’s Operations and Growth Initiatives to Help
Create a More Sustainable and Secure Planet
Planet Labs Inc. (“Planet”), a leading provider of daily data
and insights about Earth, today announced the completion of its
previously announced business combination (the “Business
Combination”) with dMY Technology Group, Inc. IV, a publicly traded
special purpose acquisition company (formerly NYSE: DMYQ) (“dMY
IV”). The combined company has been renamed Planet Labs PBC and its
shares and warrants will commence trading tomorrow, December 8th,
2021, on the New York Stock Exchange under the new ticker symbol
“PL”.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211207006148/en/
“Today marks a huge milestone for Planet and our team,
representing over a decade of hard work and dedication to using
space to help life on earth,” said Planet co-founder and CEO Will
Marshall. “Our listing on the NYSE and fully capitalized growth
plan will enable us to accelerate our business and work with our
partners towards creating a more sustainable and secure world.”
“Planet is a true pioneer, delivering critical insights and
solutions to some of the world’s most influential companies and
governments,” said Niccolo de Masi, CEO of dMY Technology Group and
a member of the combined company’s board of directors. “The
company’s rapidly growing and one-to-many data platform business is
poised for tremendous growth as data becomes increasingly central
to the global economy. With a strong leadership team in place and a
growing market for data-driven insights, Planet is well-positioned
to further scale the business and drive value for
shareholders.”
In connection with the closing of the Business Combination,
Planet received gross proceeds of over $590 million, including
proceeds from the dMY IV trust account and the previously announced
private placement (“PIPE”). The PIPE had participation from CPP
Investments, Koch Strategic Platforms, Marc Benioff’s TIME
Ventures, and existing Planet investor, Google, among others. The
capital will be used to fund Planet’s operations and support new
and existing growth initiatives.
The name Planet Labs PBC reflects the company’s status as a
Public Benefit Corporation (PBC). Planet’s public benefit purpose
is: “To accelerate humanity to a more sustainable, secure and
prosperous world by illuminating environmental and social
change.”
Planet’s management team, led by CEO and co-founder Will
Marshall, Chief Strategy Officer and co-founder Robbie Schingler,
CFO and COO Ashley Johnson, and President of Product and Business
Kevin Weil, will continue to lead the public company following the
Business Combination, as previously announced.
After the closing of the Business Combination, the combined
company’s Board of Directors will consist of seven members: Will
Marshall, Robbie Schingler, Heidi Roizen, Niccolo de Masi, Vijaya
Gadde, Carl Bass and Ita Brennan.
Advisors Goldman Sachs & Co. LLC served as the
exclusive financial advisor to Planet. Goldman Sachs & Co. LLC
and Morgan Stanley & Co. LLC also acted as co-lead placement
agents on the PIPE. Morgan Stanley & Co. LLC and Needham &
Company, LLC served as financial advisers to dMY IV. Goldman Sachs
& Co. LLC was sole bookrunner on the dMY IV IPO, with Needham
& Company, LLC and Academy Securities, Inc. serving as
co-managers. Latham & Watkins LLP is serving as legal advisor
to Planet. White & Case LLP is serving as legal advisor to dMY
IV.
About Planet 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. To learn more visit
www.planet.com and follow us on Twitter at @planet.
Forward-Looking Statements The matters set forth in this
press release are forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, our ability to
capture the market opportunity ahead of us; whether and when we
will be able to execute on our growth initiatives; whether we will
realize any of the potential benefits from our acquisition of
VanderSat; whether we will be able to successfully build or deploy
our satellites, including new satellites that are in development;
whether the experience any new executives or board members may have
will result in benefits for Planet; and whether we will be able to
continue to invest in scaling our sales organization and expanding
our software engineering capabilities. Forward-looking statements
are based on our management’s beliefs, as well as assumptions made
by, and information currently available to them. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. Factors which may cause
actual results to differ materially from current expectations
include, but are not limited to: our limited operating history
making it difficult to predict our future operating results; our
expectations that our operating expenses will increase
substantially for the foreseeable future; whether the market for
our products and services that is built upon our data set, which
has not existing before, will grow as we expect; whether current
customers or prospective customers adopt our platform; whether we
will be able to compete effectively with the increasing competition
in our market from commercial entities and governments; our
international operations creating business and economic risks that
could impact our operations and financial results; the interruption
or failure of our satellite operations, information technology
infrastructure or loss of its data storage, whether by
cyber-attacks or other adverse events that limit our ability to
perform our daily operations effectively and provide our products
and services; whether we experience any adverse events, such as
delayed launches, launch failures, our satellites failing to reach
their planned orbital locations, our satellites failing to operate
as intended, being destroyed or otherwise becoming inoperable, the
cost of satellite launches significantly increasing and/or
satellite launch providers not having sufficient capacity; our
satellites not being able to capture Earth images due to weather,
natural disasters or other external factors, or as a result of our
constellation of satellites having restrained capacity; if we are
unable to develop and release product and service enhancements to
respond to rapid technological change, or to develop new designs
and technologies for our satellites, in a timely and cost-effective
manner; downturns or volatility in general economic conditions,
including as a result of the current COVID-19 pandemic or any other
outbreak of an infectious disease; the loss of one or more of our
key personnel, or our failure to attract, hire, retain and train
other highly qualified personnel in the future; our ability to
raise adequate capital, including on acceptable terms, to finance
our business strategies; the impact our indebtedness has on our
ability to raise additional capital to fund our operations, operate
our business and react to changes in the economy or our industry;
how rules and regulations in our highly regulated industry may
impact our business; if we fail to maintain effective internal
controls over financial reporting at a reasonable assurance level;
and the other factors described under the heading “Risk Factors” in
the Registration Statement on Form S-4 filed by dMY IV with the
Securities and Exchange Commission (SEC) and any subsequent filings
with the SEC we may make. Copies of each filing may be obtained
from us or the SEC. All forward-looking statements reflect our
beliefs and assumptions only as of the date of this press release.
We undertake no obligation to update forward-looking statements to
reflect future events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20211207006148/en/
Press
Trevor Hammond comms@planet.com
John Christiansen/Cassandra Bujarski Sard Verbinnen & Co
Planet-SVC@sardverb.com
ICR dmy4@icrinc.com
Investors
Chris Genualdi Planet Labs Inc. ir@planet.com
Harry You dMY Technology Group, Inc. IV
harry@dmytechnology.com
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