dMY Technology Group IV filed an S-4 outling terms of its proposed merger with satellite data company Planet Labs. The transaction values Planet at a post-transaction equity value of approximately $2.8 billion.
If shareholders approve, upon closing the combined company will retain the Planet name and list on the NYSE under PL.
Existing Planet stockholders will retain 77% ownership in the pro forma company and may receive up to an additional 27 million new Planet shares, depending on the performance of the share price during the five-year period following the closing.
Concurrently with the closing of the transaction, additional investors have committed to participate in a $200 million PIPE led by funds and accounts managed by BlackRock, with participation from Koch Strategic Platforms, Marc Benioff’s TIME Ventures, and Google.
After paying transaction expenses and paydown of Planet’s existing debt, the balance of the $345 million in cash held in dMY IV’s trust account (assuming no redemptions), together with the PIPE proceeds, will be used to fund operations and support new and existing growth initiatives.
Planet provides daily data and insights about the Earth. 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. Read more.
