dMY Squared Technology Group, a blank check company formed by Niccolo de Masi and Harry You targeting professional services, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. It had originally filed earlier this month to raise $75 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 that have strong and consistent revenue growth and cash flow 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 is currently running blank check company dMY Technology Group VI, which went public in September 2021; their previous SPACs have merged with Planet Labs PBC in December 2021; IonQ in September 2021; Genius Sports in April 2021; and Rush Street Interactive in December 2020.
The Las Vegas, NV-based company plans to list on the NYSE American under the symbol DMYY.U. Needham & Co. acted as sole bookrunner on the deal.
