dMY Technology Group VI announced that its directors decided it would not be in the best interests of shareholders to proceed with a proposed merger with Rain Enhancement Technologies. Instead, the SPAC intends to dissolve and liquidate. No other details were offered.
The news comes just days after the SPAC announced a forward purchase agreement for six million shares in support of the deal. In January, dMY launched a tender offer to purchase up to 24.15 million Class A shares to shore up the Rainwater Tech deal.
The Austin, Texas-based target is engaged in the development and commercialization of rainfall generation technology.
The merger had a pro forma valuation of $200 million.
dMY VI raised $241.5 million in an October 2021 IPO. Read more.
