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dMY Technology Group, Inc. IV (DMYQ)

NYSE - Nasdaq Real Time Price. Currency in USD
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10.81+0.95 (+9.63%)
At close: 04:00PM EST
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  • g
    gonjonjokos
    Today is the withdrawal deadline for shares (Monday 5:00 p.m. Eastern Time, December 6, 2021). So this should be 10 at minimum (at least for today).

    From 8th of December ticker symbol DMYQ will change to PL.
  • C
    Count Your Change
    Planet to Announce Third Quarter 2022 Results on Monday, December 13, 2021
  • g
    gonjonjokos
    NYSE
    www.nyse.com
  • g
    gonjonjokos
    Goodbye DMYQ.... Hello PL.
  • g
    gonjonjokos
    Voting is over: Each proposal has passed.
  • J
    Joel
    My Fidelity app already shows the change to PL, but this Yahoo finance app is still in the past. Typically it’s the other way around, or am I missing something?
  • 3
    365
    DMY group is no joke
  • W
    Woody
    is this new ticker on yahoo ?
  • C
    Count Your Change
    Planet Expected to Close Business Combination with a Minimum of $589M in Gross Proceeds

    Strong investor support demonstrated with only ~2% of public shares submitted for redemption, which can be withdrawn prior to 5PM on Dec 6th.
  • g
    gonjonjokos
    From sec filling:
    Niccolo de Masi - dMY Technology

    Sure. I mean, look, we’re in the final days here. This transaction was announced. You know, back in July, we have our shareholder vote on December 3, the ticker will change the week of early the week of the sixth probably on the seventh. So DMYQ is the way to get involved with the story now, before it probably runs away from you as the expression goes, as more people discover it. Then you know, the business transaction will close because the business is fully funded off of the PIPE alone, which is $250 million. There’s about $340 million in the DMYQ trust as well. And so Planet upon business combination close will be better funded than it ever has been in its history to prosecute all of these growth levers and vectors we’ve talked about. You know, by the way, you know, one of the reasons we’re going public is not just to continue winning the talent war and Will has big advantages on that front because we’re a public benefit corporation we obviously have a big mission not just to be a great business, but also to do things for the planet humanity. But there’s also a big consolidation opportunity. You know, Will made an acquisition just last week, which we should spend a couple minutes on. There’s many, many more where that came from, and being public and having the capital and also the public paper and means we have that growth factor to accelerate with as well.
  • C
    Count Your Change
    DMYQ is trading above $10 AH.
  • J
    Joe
    If I purchased DMYQ shares will it be automatically converted to PL shares? Bought DMYQ via fidelity and it’s currently frozen. Thanks
  • C
    Count Your Change
    Good news and analysis from Chris DeMurth, Jr on Seeking Alpha. Expecting a 50% pop in PL shortly:

    Planet Labs will shortly trade under ticker "PL." Today, it's available as SPAC dMY IV. The SPAC currently trades beneath its $10 cash in trust but this is more of an opportunity than a data point. It's an opportunity for reasons I outlined in Google-Backed Planet Set To Soar and 3 Best Forever SPACs For 2022. It's less of a data point than it might appear. That's because of low interest rates driving hedge funds to put on big SPAC arbitrage spread trades. They typically buy SPAC IPO positions and hold their equities until their deSPACing at which point they reflexively sell or redeem them. They short debt instruments of similar duration but lower yields to capture the spread. With enough leverage, this can be a lucrative trade. It increases SPAC IPO interest and also adds liquidity to SPAC equities (and is why none trade beneath $9.60 and few trade much beneath $9.70). However, it can crush SPAC prices right around the redemption deadlines. And this tendency is wholly unrelated to SPAC quality. In fact, hedge funds putting on the leveraged long SPAC equity / short debt spread trade don’t even care what the SPAC deal is, only that the IRR is higher than what they short. These trading dynamics kept SPAC equity prices close to $10 for most of the SPAC timeline of my favorite SPAC deals of the past few years – LCID, IONQ, ASLE, and DNA – even when their standalone value was far higher.

    This offers a win-win scenario in which a huge amount of DMYQ equity gets dumped all at once this week before PL begins trading on its own merits. My initial estimate is that it will trade closer to $15 per share once the SPAC arbitrage spread trade pressure is relieved within the next few days.

    dMY Technology IV (DMYQ.WS) warrants
    The DMYQ.WS SPAC warrants currently cost about $3.34. What does this mean? They offer the owner the opportunity to buy equity within the next five years for $11.50 for a net cost of about $14.84. This could be a great opportunity (I own it and am glad that I do) but even more than an opportunity, it's a data point indicating the value of PL. Unlike the SPAC equity, the SPAC warrant is under no downward arbitrage pressure. Thus, it offers a better indicator of where PL should open than the equity. If it's about right, DMYQ becoming PL could offer a short-term upside approaching 50%. How much upside is there in PL? Looking at the market for warrants among SPACs with live deals, 93% trade for $3 or less and only 7% trade for over $3. This price offers the best example of price discovery absent yield arbitrage and the best market check on the deSPACed PL equity.

    Here we go again…
    The same SPAC sponsor, dMY, recently deSPACed IonQ (NYSE:IONQ). All of the above dynamics were at play – SPAC arb trades kept the price around $10 until it deSPACed. It briefly traded down following its redemption deadline. Then it more than tripled. Why does the price do exactly what it does? I get that question a lot and it is probably the wrong question. “Who knows?” is probably the best answer. But to expand upon it, this one security has three wildly different investor bases and handing it between them can be chaotic. The first is the yield seeker described above. The second is the long-term equity investor (like me) who wants to hang onto the upside of the deSPACed equity. And the third is the short-term speculator gambling on the market’s immediate reaction. Each of these investors has a predictable role that can interact in unpredictable ways. But in the next few days, just remember that the more volatility the better. You are under no obligation to react if you don’t feel like it (and if you’re not heavily margined) but can take advantage of IONQ-like anomalies as shares trade hands from yield arbitrageurs to long-term equity investors. I own millions of dollars worth of DMYQ but hope that it (briefly) goes towards zero so that I can buy millions more. If I wanted to be helpful, I’d say, “please don’t panic” but if I wanted to be selfish I’d say, "please panic."
  • B
    Ben
    I can only see the 15m delay price... Seems like it had tanked at market open, but seems to recover a bit 15m ago
  • T
    Terry
    I have been watching this one for over a month, happy to be able to pick up shares under $10.
  • S
    Scott
    I'm long here but curious on what the ramifications are if Planet wanted to sell "services" such as ground monitoring to say........Russia or China? Not just basic agricultural services, but surveillance. Would that be shut down by US Gov't or could it incentivize the Gov't to purchase this tech and disallow it in the future?
  • J
    JoEd
    Planet Labs seems to be a promising one and a real deal! Did a quick review of the company - they seem to have a lot to offer and have a solid team. Not sure if they replaced google earth. Anyway, $PL is now in my radar!
  • R
    Ryan
    Well added 10000 shares at 9.95. Cheers!!!
  • L
    LongAndStrong
    Going down to $7 , don’t compare this to IONQ , not even close
  • C
    Count Your Change
    I don't understand the election choices. Is "Do Nothing" a vote for the merger and "Tender Shares" a vote against? My broker site didn't explain it.