Satellite-imaging company Planet Labs Inc. plans to win more customers, increase its data offerings and strike more acquisitions after it goes public via a merger with a special-purpose acquisition company early next month.
The San Francisco-based company, which sells geospatial data and analytics software to businesses and government agencies, will use the roughly $600 million it expects to raise from its public offering for that, Chief Financial Officer Ashley Johnson said.
Planet Labs plans to close on the merger with Las Vegas-based SPAC dMY Technology Group Inc. IV and then debut on the New York Stock Exchange under a new name, Planet Labs Public Benefit Corp., shortly after a Dec. 3 shareholder vote on the deal. SPACs are shell companies that issue shares to raise capital to buy a business and bring it public.
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