dMY Technology Group, Inc. III (NYSE:DMYI) announced that its shareholders approved its combination with quantum computing company IonQ at a shareholder vote held this morning.
The press release noted that approximately 97% of the votes cast at the meeting on the business combination proposal, representing approximately 62% of dMY III’s outstanding shares, approved the deal.
dMY III announced yesterday that the transaction will generate approximately $600 million in gross proceeds, reflecting redemptions in the single-digit percentile if we include transaction expenses. Today the company disclosed that the deal generated $634 million in gross proceeds, and it received elections to redeem just 2.5% of shares, which stands out as particularly positive in the current market.
The transaction is expected to close on Thursday, September 30. The combined company’s stock and warrants are expected to trade on The New York Stock Exchange beginning on Friday, October 1, under the symbols “IONQ”, and “IONQ.WS” respectively.
dMY Technology Group, Inc. III originally inked the $1.3 billion combination with IonQ on March 8. IonQ is developing quantum computing hardware to be used in a number of different applications including machine-learning, financial markets-monitoring and high-tech research.
ADVISORS
- Morgan Stanley & Co. LLC is serving as the exclusive financial advisor to IonQ.
- Goldman Sachs & Co. LLC is serving as the exclusive financial advisor to dMY III.
- Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are also acting as co-lead placement agents on the PIPE.
- Needham & Company also acted as placement agent on the PIPE.
- Cooley LLP is representing IonQ as legal counsel.
- Cleary Gottlieb Steen & Hamilton LLP is representing dMY III as legal counsel.
News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...
At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...
News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...
Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...
At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....