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App-focused SPAC dMY Technology Group III prices upsized $275 million IPO at $10

November 13, 2020
IonQ (dMY Technology Group III) logo

dMY Technology Group III, the third blank check company formed by Niccolo de Masi and Harry You targeting an app business, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.

The company is led by CEO and Director Niccolo de Masi, CIO of Resideo Technologies (NYSE: REZI) and former CEO of Glu (Nasdaq: GLUU), and Chairman Harry You, who founded GTY (Nasdaq: GTYH) in 2016 and has served as its Vice Chairman since 2019. The SPAC plans to target companies in the consumer technology ecosystem that are either consumer-facing or support the infrastructure of consumer apps, with enterprise values between $1 billion and $3 billion

The pair's previous SPACs include February 2020 IPO dMY Technology Group (DMYT; +10% from $10 offer price), which is pending a business combination with Rush Street Interactive, and August 2020 IPO dMY Technology Group II (DMYD; +1%), which is pending a business combination with Genius Sports.

dMY Technology Group III plans to list on the NYSE under the symbol DMYI.U. Goldman Sachs acted as a lead manager on the deal.