A Phytoplankton swirl in the Sea of Marmara in June 2021. Photo: Planet

Planet is set to go public this week after its special purpose acquisition company merger (SPAC) has been approved. Shareholders of SPAC dMY Technology Group, Inc. IV approved the business transaction on Dec. 3. 

This is the culmination of the SPAC deal that Planet announced in July. The deal values the company at $2.8 billion. 

Nearly all votes cast — 99% — voted to approve the transaction, which is expected to close on Tuesday. Planet will come away with at least $590 million in gross proceeds including the dMY IV trust account private placement funding. 

Planet will begin trading on the New York Stock Exchange on Wednesday under the ticker symbol “PL”.

“We look forward to using this capital to continue driving innovation in Earth data and analytics to solve some of the world’s most pressing problems as a public company,” said Planet co-founder and CEO Will Marshall. “With our leading data and imaging platform and the experience of the Planet and dMY IV teams, we will further scale our business and accelerate on our growth initiatives.”