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Planet, Satellogic to go public through SPAC mergers
Posted: Fri, Jul 9, 2021, 7:00 PM ET (2300 GMT)
Earth imaging company Planet will go public through a SPAC merger. Planet announced early Wednesday that it will merge with dMY Technology Group, Inc. IV, a special purpose acquisition company, valuing the company at nearly $2.8 billion. The deal will provide more than $430 million in cash that Planet says will go towards "new and existing growth initiatives." The companies expect the deal to close later this year. The Planet deal comes a day after another Earth imaging company, Satellogic, announced its own SPAC merger. Satellogic said Tuesday will merge with CF Acquisition Corp. V, a SPAC sponsored by financial firm Cantor Fitzgerald, raising $271 million and giving the company an equity valuation of $1.1 billion. Satellogic says the proceeds will allow it to build out a constellation of 300 imaging satellites by 2025, which will provide daily high-resolution imaging of the globe.
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