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Planet Labs Set to Close SPAC Merger Deal Tuesday, Expects $590M in Gross Proceeds

Satellite imagery provider Planet Labs expects to complete its pending merger with dMY Technology Group (NYSE: DMYQ) on Tuesday and receive post-closure proceeds of approximately $590 million.

Shareholders at the special purpose acquisition company voted Friday to approve the combination of the two companies, which will subsequently do business as Planet Labs PBC and trade under the symbol “PL” on the New York Stock Exchange starting Wednesday.

Planet, which was established by three former NASA scientists, posted $100 million in fiscal 2021 revenue through its subscription business that supports more than 700 customers across the civil government, defense, agriculture and sustainability sectors.

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