Planet (PL) Announces Closing of Business Combination with dMY Technology Group, Inc. IV (DMYQ)
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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”.
“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.
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.
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.
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