dMY Technology Group, Inc. VI Announces Liquidation
dMY Technology Group, Inc. VI (NYSE: DMYS) announced it will dissolve and liquidate after its independent Directors determined that continuing with the merger with Rain Enhancement Technologies, Inc. was not in the best interests of stakeholders. All Class A Common Stock shares will be redeemed at a cash price based on the trust account, extinguishing public stockholders’ rights. The redemption is expected to complete within ten business days from April 5, 2023, following necessary actions to liquidate the trust account. The company’s initial stockholders have waived their rights to liquidating distributions related to founder shares. Furthermore, dMY VI plans to file a Form 25 to delist its securities and a Form 15 to terminate registration under the Securities Exchange Act of 1934.
- The company is returning capital held in the trust account to shareholders.
- The dissolution allows for a clear exit for investors rather than continuing with an unfeasible merger.
- The decision to dissolve indicates failure to complete the merger with Rain Enhancement Technologies.
- Public stockholders will lose their rights to further liquidating distributions.
Accordingly, the Company will redeem all of the shares of Class A Common Stock that were included in the units issued in its initial public offering, at a per-share redemption price payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to dMY VI to pay its taxes (less up to
In order to provide for the disbursement of funds from the trust account, the Company has instructed the Trustee of the trust account to take all necessary actions to liquidate the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the shares of Common Stock. Record holders may redeem their shares for their pro rata portion of the proceeds of the trust account (less any amount of interest released to dMY VI to pay its taxes and up to
The Company’s initial stockholders, sponsor, officers and directors have waived their rights to liquidating distributions from the trust account with respect to any founder shares they hold. However, if our initial stockholders, sponsor or management team acquired any public shares in or after this offering, they are entitled to liquidating distributions from the trust account with respect to such public shares.
There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
The Company will file a Form 25 with the
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Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on the beliefs and reasonable assumptions of management, and actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities of dMY VI or Rainwater Tech, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
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