Special Meeting of dMY Technology Group, Inc.
IV Stockholders to Approve Business Combination, Scheduled for
December 3rd, 2021
Upon Closing, the Combined Company’s Common
Stock and Warrants are Expected to Trade on the New York Stock
Exchange Under the Tickers “PL” and “PL WS”, respectively
Planet Labs Inc. (“Planet”), a leading provider of daily data
and insights about Earth, today announced that, on November 5,
2021, the Securities and Exchange Commission (“SEC”) declared
effective the Registration Statement on Form S-4 (“Registration
Statement”) in connection with its proposed business combination
(the “Business Combination”) with dMY Technology Group, Inc. IV, a
publicly traded special purpose acquisition company (NYSE: DMYQ)
(“dMY IV”).
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. Eastern Standard Time (“Special
Meeting”) 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 Business Combination and has
commenced mailing the definitive proxy statement/prospectus to its
stockholders as of the record date. The Business Combination is
expected to close shortly after the Special Meeting, subject to
stockholder approvals and satisfaction of other customary closing
conditions.
“We are pleased to have reached this critical milestone on our
journey to becoming a public company,” said Planet CEO and
co-Founder Will Marshall. “We believe Planet is ready to go public,
and that this transaction will enable us to accelerate growth, and
build additional software and machine-learning-enabled data
products.”
“Planet has harnessed the power of space to help life on Earth,
and we believe it has tremendous continued growth potential as data
increasingly becomes the fuel that powers the global economy,” said
Niccolo de Masi, CEO of dMY IV. “We encourage our fellow dMY IV
stockholders to support this business combination that will help
Planet realize this potential.”
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. In addition to the $345
million in dMY IV’s trust account (assuming no stockholder
redemptions), the Business Combination includes a private placement
(the “PIPE”) of over $250 million, with key participation including
CPP Investments, Koch Strategic Platforms, Marc Benioff’s TIME
Ventures, existing Planet investor Google, and Cypress Point
Investment Management. The Business Combination values Planet at a
post-transaction equity value of approximately $2.8 billion,
assuming no redemptions by dMY IV’s stockholders.
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, Product and Business
Strategy Kevin Weil, will continue to lead the public company
following the Business Combination.
Planet intends to use the proceeds from the Business Combination
to expand its operations and services to enable a more sustainable
and secure planet.
Recent Momentum
On September 16, 2021, Planet announced strong fiscal second
quarter results:
- Revenue increased 19% year-over-year to a record $30.4
million
- Percent of Recurring ACV was 93%, as compared to 92% in the
previous year’s comparable quarter
- End of Period Customer Count increased 36% year-over-year to
732 customers
- Reiterated $130 million Revenue Outlook for Fiscal Year
2022
Additional recent business highlights:
- Canada Pension Plan Investment Board (“CPP Investments”)
committed to purchase $50 million in a private placement of Class A
common stock of dMY IV at the closing of the Business Combination.
Cypress Point Investment Management also participated in a
co-investment. These commitments are in addition to the $200
million in private placement proceeds committed earlier this year.
With these investments, the minimum cash closing condition of the
Business Combination under the merger agreement would be
satisfied.
- Planet held its first-ever Analyst Day on September 21st, where
it emphasized its technology market leadership position,
diversified customer base, compelling data subscription business
model, growing sales pipeline (up 45% year-over-year), among other
highlights.
- Planet recently announced that Twitter’s Vijaya Gadde will be
joining its Board of Directors.
- Planet expanded its commercial contract with NASA, granting all
U.S. Federal Civilian scientific researchers - nearly 300,000
users, access to Planet data.
- Planet held its third-annual user conference, Planet Explore
‘21, which was a huge success with 6,300 virtual registrants, over
100 speakers, and a number of exciting product announcements
including next-generation very high-resolution Pelican satellites
and Fusion with SAR.
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 $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 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. The Business Combination 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. 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. dMY IV has
commenced mailing 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
transaction. Such 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211108005613/en/
Planet Investor: Chris
Genualdi ir@planet.com
Press: Trevor Hammond
comms@planet.com
John Christiansen/Cassandra Bujarski Sard Verbinnen & Co
Planet-SVC@sardverb.com
dMY IV Investor: Harry You
dMY Technology Group, Inc. IV harry@dmytechnology.com (702)
781-4313
Press: ICR dmy4@icrinc.com
Planet Labs PBC (NYSE:PL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Planet Labs PBC (NYSE:PL)
Historical Stock Chart
From Jul 2023 to Jul 2024