dMY Squared Technology Group, a blank check company formed by Niccolo de Masi and Harry You targeting professional services, filed on Monday with the SEC to raise up to $75 million in an initial public offering.
The Las Vegas, NV-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, dMY Squared Technology Group would command a market value of $94 million.
dMY Squared Technology Group is led by Co-CEO and Director Niccolo de Masi, the former CIO of Resideo Technologies (NYSE: REZI) and CEO of Glu (Nasdaq: GLUU), and Co-CEO and Chairman Harry You, the founder and Vice Chairman of GTY (Nasdaq: GTYH). The SPAC plans to target businesses within the professional service industry that provide accounting, legal, financial, advisory, or other services to public companies or private companies in the process of becoming public companies. It plans to focus on businesses with enterprise values between $500 million and $2 billion.
Management has led several previous SPAC IPOs, most recently dMY Technology Group VI (DMYS.U; -1% from $10 offer price), which went public in September 2021; dMY Technology Group IV, which merged with Planet Labs PBC (PL; -46%) in December 2021; and dMY Technology Group III, which merged with IonQ (IONQ; -46%) in September 2021. The pair also formed AdMY Technology Group (ADMY.U), which filed to raise $250 million in March 2021 but withdrew the following December.
dMY Squared Technology Group was founded in 2022 and plans to list on the NYSE American under the symbol DMYY.U. The company filed confidentially on May 5, 2022. Needham & Co. is the sole bookrunner on the deal.
