Satellite tv for pc imagery firm Planet begins buying and selling on the NYSE

An image from one of the company’s satellites shows Lower Manhattan in New York City.

planet

Satellite imagery and data specialist planet began trading Wednesday on the New York Stock Exchange, becoming the latest space company to go public after closing a SPAC deal.

Planet trades under the ticker PL, with shares previously listed under the special purpose acquisition company dMY Technology Group IV. The company has about 190 satellites in orbit, and recently unveiled plans for a new line of satellites called Pelican to further bolster its fleet.

The stock rose 1% after opening at $ 11.25 a share.

Closing its merger nets Planet more than $ 590 million in gross proceeds, with capital from dMY as well as a PIPE round – or private investment in public equity – led by BlackRock and joined by Google, Cook, and Marc Benioff’s TIME Ventures.

Planet and dMY closed the merger with a 2% redemption ratio, which represents the percentage of shares that investors redeem prior to closing of an acquisition.

Cofounder and CEO Will Marshall

planet

Planet took the additional step of registering as a Public Benefit Corporation, or PBC, which requires the company have a specific purpose statement on how the for-profit entity is benefiting the public. Planet’s public benefit purpose is “to accelerate humanity to a more sustainable, secure and prosperous world by illuminating environmental and social change,” the company said.

The company’s imagery feeds into a data index that Planet says makes the Earth “searchable” for its more than 600 customers. Planet’s customer contracts are set up as subscriptions, with 90% of those recurring annual contracts. Its existing customers are largely split between four sectors – civil, agriculture, defense and intelligence, and mapping – and it generated $ 113 million in revenue last year.

Planet aims to be profitable on an adjusted EBITDA basis by early 2025, and grow its annual revenue to nearly $ 700 million by early 2026.

It joins a trend of space companies going public through SPAC deals, with Virgin Galactic the first of the recent generation in 2019. Several have closed and begun trading – including Astra, AST SpaceMobile, Rocket Lab, Spire Global, BlackSky, Momentus, and Redwire – with others having merger agreements in place – including Virgin Orbit , Satellogic, and Terran orbital.

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He said he was bringing up the old paintings now because he wanted to be a highly visible country artist and show that people can change and learn from their mistakes. He also wanted to encourage more people in the country music industry to have these tough conversations.

The genre had a racial reckoning even before Wallen’s actions, but top artists have often been reluctant to talk about race, both in the present and in the past of the genre.

“I’m trying to learn. I’m trying to get better,” said Combs.

Morris also spoke about the Confederate flag, saying that as a native Texan, she didn’t fully understand the history and context of the flag outside of “southern pride” until she was a teenager.

She said that if she saw a flag being hoisted at country music festivals, she would not want to play those festivals and asked the country artists to request the removal of those flags.

She is also one of the few country artists to have publicly criticized Wallen’s actions on social media, saying that she has had some setbacks, but those were minimal compared to what blacks regularly experience.

“I appreciate Morgan telling his fans to stop defending me because there is no justification for it. He knows that. We know that,” said Morris. “All we can do to avoid an elephant in the room is say it out loud and hold our colleagues accountable. I don’t care if it’s uncomfortable to be in line of you at the next awards ceremony . “