dMY Technology Group, Inc. III Announces Pricing of $275 Million Upsized Initial Public Offering
dMY Technology Group, Inc. III has priced its initial public offering at $10.00 per unit, totaling 27,500,000 units, with trading set to begin on November 13, 2020, under the symbol 'DMYI.U' on the NYSE. Each unit includes one share of Class A common stock and one-fourth of a redeemable warrant. The offering is expected to close on November 17, 2020. The Company aims to pursue merger opportunities in the consumer technology sector, focusing particularly on mobile app companies valued between $1.0 billion and $3.0 billion.
- Initial public offering priced at $10.00 for 27,500,000 units.
- Focus on high-growth areas like mobile apps, AI, and consumer technology.
- Potential dilution of existing shares if underwriters exercise their 45-day option for an additional 4,125,000 units.
LAS VEGAS--(BUSINESS WIRE)--dMY Technology Group, Inc. III (the "Company") announced today the pricing of its initial public offering of 27,500,000 units at a price of
dMY Technology Group III is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or geographic region, the Company intends to focus its search for an initial business combination on companies within the broader consumer technology ecosystem that are either consumer-facing or support the infrastructure of consumer applications (“apps”) with enterprise valuations in an approximate valuation range of
Goldman Sachs & Co., LLC is acting as the sole bookrunner for the offering and Needham & Company and Academy Securities, Inc. are acting as co-managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,125,000 units at the initial public offering price to cover over-allotments, if any.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 12, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Goldman Sachs & Co., LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: +1 866 471 2526, facsimile: +1 212 902 9316, or email: prospectus-ny@ny.email.gs.com.
Forward Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
