Planet Announces Closing of Business Combination with dMY Technology Group, Inc. IV
Summary
The combined company has been renamed Planet Labs PBC and its shares and warrants will commence trading tomorrow, December 8th, 2021, on the New York Stock Exchange under the new ticker symbol “PL”. Planet’s public benefit purpose is: “To accelerate humanity to a more sustainable, secure and prosperous world by illuminating environmental and social change.” 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 of Product and Business Kevin Weil, will continue to lead the public company following the Business Combination, as previously announced. Planet provides mission-critical data, advanced insights, and software solutions to over 700 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Forward-Looking Statements The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, our ability to capture the market opportunity ahead of us; whether and when we will be able to execute on our growth initiatives; whether we will realize any of the potential benefits from our acquisition of VanderSat; whether we will be able to successfully build or deploy our satellites, including new satellites that are in development; whether the experience any new executives or board members may have will result in benefits for Planet; and whether we will be able to continue to invest in scaling our sales organization and expanding our software engineering capabilities. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: our limited operating history making it difficult to predict our future operating results; our expectations that our operating expenses will increase substantially for the foreseeable future; whether the market for our products and services that is built upon our data set, which has not existing before, will grow as we expect; whether current customers or prospective customers adopt our platform; whether we will be able to compete effectively with the increasing competition in our market from commercial entities and governments; our international operations creating business and economic risks that could impact our operations and financial results; the interruption or failure of our satellite operations, information technology infrastructure or loss of its data storage, whether by cyber-attacks or other adverse events that limit our ability to perform our daily operations effectively and provide our products and services; whether we experience any adverse events, such as delayed launches, launch failures, our satellites failing to reach their planned orbital locations, our satellites failing to operate as intended, being destroyed or otherwise becoming inoperable, the cost of satellite launches significantly increasing and/or satellite launch providers not having sufficient capacity; our satellites not being able to capture Earth images due to weather, natural disasters or other external factors, or as a result of our constellation of satellites having restrained capacity; if we are unable to develop and release product and service enhancements to respond to rapid technological change, or to develop new designs and technologies for our satellites, in a timely and cost-effective manner; downturns or volatility in general economic conditions, including as a result of the current COVID-19 pandemic or any other outbreak of an infectious disease; the loss of one or more of our key personnel, or our failure to attract, hire, retain and train other highly qualified personnel in the future; our ability to raise adequate capital, including on acceptable terms, to finance our business strategies; the impact our indebtedness has on our ability to raise additional capital to fund our operations, operate our business and react to changes in the economy or our industry; how rules and regulations in our highly regulated industry may impact our business; if we fail to maintain effective internal controls over financial reporting at a reasonable assurance level; and the other factors described under the heading “Risk Factors” in the Registration Statement on Form S-4 filed by dMY IV with the Securities and Exchange Commission (SEC) and any subsequent filings with the SEC we may make.
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