Planet announces effectiveness of dMY IV’s S-4 Registration Statement

  • 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., 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 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.

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