DMY Technology Inc logo

DMYT.U - DMY Technology Inc News Story

$26.18 -2.6  -8.9%

Sector
Consumer Cyclicals
Size
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 6848

BUZZ-dMY Technology jumps on SPAC deal to take Rush Street Interactive public

Mon 27th July, 2020 12:58pm
** Blank check co dMY Technology Group  DMYT.N   DMYD_u.N 
shares up 9.7% to $12.40 premarket on announced merger; special
purpose acquisition co (SPAC) could set fresh high since its Feb
debut
    ** dMY and Chicago-based Rush Street Interactive would merge
in ~$1.78 bln deal to take online gaming co public  urn:newsml:reuters.com:*:nBwbLk3Ffa
    ** Deal will be paid for using the SPAC's $230 mln on hand
along with $160 mln from institutional investors, including
Fidelity Investments
    ** dMY, headed by former Glu Mobile CEO Niccolo de Masi and
chaired by former Accenture CFO Harry You, set sights on mobile
app or consumer internet target with an enterprise value of $500
mln-$1.5 bln when SPAC priced in Feb at $10 (See filing https://www.sec.gov/Archives/edgar/data/1793659/000119312520044273/d826940d424b4.htm)
    ** SPACs have been behind some of the most high-profile
public listings over the past year, including online betting
firm DraftKings Inc  DKNG.O  and billionaire investor Richard
Branson's space tourism firm Virgin Galactic  SPCE.K 
    ** Meanwhile, William Ackman's Pershing Square Tontine
Holdings Ltd  PSTH_u.N  raised $4 bln last week in biggest SPAC
IPO ever; blank check cos have raised >$16 bln in 2020, easily
exceeding the record $13.6 bln in 2019  urn:newsml:reuters.com:*:nL3N2ET2SF  urn:newsml:reuters.com:*:nL3N2EK2FX

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.