New commitments bring total raised from PIPE
from $200 million to more than $250 million
Fully committed PIPE transaction is in
conjunction with Planet’s agreement to become a publicly traded
company through merger with dMY IV
Planet Labs Inc. (“Planet”), a leading provider of daily data
and insights about Earth, and dMY Technology Group, Inc. IV
(NYSE:DMYQ) (“dMY IV”), a special purpose acquisition company,
today announced that they have received a commitment for a US$50
million investment in dMY IV from Canada Pension Plan Investment
Board (“CPP Investments”). Together with CPP Investments, Cypress
Point Investment Management (“Cypress Point”) participated in a
co-investment.
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the full release here:
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Planet recently entered into a definitive Merger Agreement (as
defined below) with dMY IV to become a publicly traded company
later this year (the “Business Combination”). The commitments by
CPP Investments and Cypress Point are on substantially similar
terms as the $200 million private placement (“PIPE”) investment
initially announced on July 7, 2021, in conjunction with the
Business Combination. The new commitments bring proceeds raised in
the PIPE transaction to over $250 million, which will satisfy the
minimum cash closing condition of the Business Combination. These
proceeds, along with over $345 million in dMY IV’s trust account
(assuming no redemptions), will be used to fund Planet’s operations
and support new and existing growth initiatives.
“CPP Investments has actively focused on identifying companies
with technologies or business models that help mitigate or adapt to
climate change,” said Leon Pederson, Head of Thematic Investing,
CPP Investments. “Planet’s environmental use cases make it a good
fit for our Climate Change Opportunities portfolio and we look
forward to the company’s continued innovation and growth.”
“At Planet, our mission is to use space to help life on Earth by
providing customers with actionable data and solutions that help
create positive change,” said Will Marshall, Planet’s co-founder
and CEO. “The commitment by CPP Investments is aligned with our
goal to build a strong business that simultaneously helps people
and our planet. We’re excited about this new partnership and look
forward to driving Planet’s continued success as we prepare to
become a public company.”
Planet’s fleet of nearly 200 earth imaging satellites images
the whole Earth's land mass daily. The company leads the earth
observation industry with the highest frequency satellite data
commercially available.
CPP Investments joins several other leading investors committed
to participate in the Business Combination by purchasing shares of
dMY IV’s Class A common stock in the PIPE. The PIPE investment is
led by funds and accounts managed by BlackRock, with participation
from Marc Benioff’s TIME Ventures and Google, among others.
dMY IV intends to file with the U.S. Securities and Exchange
Commission (the “SEC”) an amendment to its Registration Statement
on Form S-4 (the “Registration Statement”) in the coming days,
which, when available, will contain Planet’s financial statements
for the six months ended July 31, 2021, and can be viewed at the
SEC’s website at www.sec.gov once filed.
The merger transaction, which has been unanimously approved by
dMY IV’s Board of Directors and Planet’s Board of Directors, is
expected to close later this year, subject to approval by dMY IV’s
and Planet’s stockholders and other customary closing
conditions.
About Planet
Planet is a leading provider of daily data and insights about
Earth, committed to using space to help life on Earth. 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, including 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.
About dMY IV
dMY IV is a $345 million 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 New York Stock Exchange under the ticker
symbols DMYQ, DMYQ.U and DMYQ WS, respectively. More information
can be found at www.dmytechnology.com.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a
professional investment management organization that manages the
Fund in the best interest of the more than 20 million contributors
and beneficiaries of the Canada Pension Plan. In order to build
diversified portfolios of assets, investments are made around the
world in public equities, private equities, real estate,
infrastructure and fixed income. Headquartered in Toronto, with
offices in Hong Kong, London, Luxembourg, Mumbai, New York City,
San Francisco, São Paulo and Sydney, CPP Investments is governed
and managed independently of the Canada Pension Plan and at arm’s
length from governments. At June 30, 2021, the Fund totaled $519.6
billion. For more information, please visit www.cppinvestments.com
or follow us on LinkedIn, Facebook or Twitter.
Important Information About the Proposed Business Combination
and Where to Find It
The press release relates to the Business Combination involving
dMY IV and Planet, pursuant to the terms of that certain agreement
and plan of merger, by and among dMY IV and Planet and the other
parties thereto (the “Merger Agreement”), dated as of July 7, 2021.
In connection with the Business Combination, dMY IV filed with the
SEC a Registration Statement on Form S-4 (“Registration Statement”)
on August 3, 2021, which includes the preliminary proxy
statement/prospectus of dMY IV. dMY IV’s stockholders and other
interested persons are advised to read the Registration Statement
and the preliminary proxy statement/prospectus which forms a part
of the Registration Statement, as well as any amendments filed or
to be filed, and the effective Registration Statement and the
definitive proxy statement/prospectus and documents incorporated by
reference therein filed in connection with the Business Combination
when available, as these materials will contain important
information about the parties to the Merger Agreement, dMY IV and
the Business Combination. When available, the definitive proxy
statement/prospectus and other relevant materials for the Business
Combination will be mailed to stockholders of dMY IV as of a record
date to be established for voting on the Business Combination and
other matters as may be described in the Registration Statement.
Stockholders may obtain copies of the preliminary proxy
statement/prospectus, the definitive proxy statement/prospectus
filed or that will be filed with the SEC and all other relevant
documents that are or will be incorporated by reference therein,
without charge, at the SEC’s web site at 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210916005400/en/
Press Contacts
Trevor Hammond comms@planet.com
John Christiansen/Cassandra Bujarski Sard Verbinnen & Co
Planet-SVC@sardverb.com
Frank Switzer Managing Director, Investor Relations CPP
Investments fswitzer@cppib.com T: +1 416-523-8039
ICR dmy4@icrinc.com
Investor Contacts
Chris Genualdi Planet Labs Inc. ir@planet.com
Harry You dMY Technology Group, Inc. IV
harry@dmytechnology.com
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