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.
