dMY Technology Group today launched a tender offer to purchase up to 24.15 million Class A shares.
On Jan. 25 the closing price was $10.08 per share. The tender offer expires at 5 p.m. Eastern on Feb. 24.
The tender offer comes in support of the SPAC’s proposed business combination with Rain Enhancement Technologies. The Austin, Texas-based target is engaged in the development and commercialization of rainfall generation technology.
The SPAC merger has a pro forma valuation of $200 million.
Rain Enhancement “aims to develop, manufacture and commercialize ionization rainfall generation technology. This weather modification technology seeks to provide the world with reliable access to water, and transform business, society and the planet for the better,” according to a press release announcing the deal in December.
If approved, upon closing Rain would trade on the NYSE under new ticker symbol RANY. Read more.
