Planet Labs Inc. is set to go public through a merger agreement with special purpose acquisition company (SPAC) dMY Technology Group Inc. IV
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+0.06%
in a deal that values Planet at about $2.8 billion. Planet is a provider of daily data an insights about the earth through a daily scan of the earths' entire landmass, and has generated more than $100 million in revenue in the fiscal year ended Jan. 31. The deal is expected to result in proceeds of about $545 million, including $345 million in cash held in dMY IV's trust account and $200 million through a private investment in public equity (PIPE) by funds managed by BlackRock Inc.
BLK,
-0.11%.
The deal is expected to close "later this year." The combined company will retain the Planet name and will be listed on the NYSE under the ticker symbol "PL." DMY IV's stock, which started trading on April 26, surged 7.6% in premarket trading, while futures
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for the S&P 500
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edged up 0.1%.