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  • Wednesday, November 20, 2024

Planet Labs Debuts as Public Benefit Corporation Post-SPAC Merger

Satellite imagery and geospatial data provider Planet Labs began trading on the New York Stock Exchange Wednesday after completion of its merger with special purpose acquisition company dMY Technology Group and registered the combined entity as a public benefit corporation.

Planet Labs PBC (NYSE: PL) said Wednesday it intends to use the $590 million capital it raised through the SPAC deal to manage and expand operations.

The company’s constellation comprises more than 200 satellites built to provide Earth observation datasets to government and business customers.

Will Marshall and Robbie Schingler, both former NASA scientists who formed Planet Labs, respectively serve as CEO and chief strategy officer of the post-closing company.

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