Completing a process which began July this year Planet Labs has merged with a Special Purpose Acquisition Company (SPAC), becoming Planet Labs PBC (Planet). This new or “surviving” entity is publicly traded on the New York Stock Exchange (NYSE) as of 8 December, the day after the transaction was completed.
As a result of the “business combination” the new Planet company benefits from approximately US$590 million of investment. Co-founders of Planet Labs, Will Marshall and Robbie Schingler will continue their roles of CEO and CSO respectively in the new company.