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• Planet began trading Wednesday on the New York Stock Exchange
• Planet trades under the ticker PL, with shares previously listed under the special purpose acquisition company dMY Technology Group IV
Satellite imagery and data specialist start-up, Planet Labs, made its debut on Wall Street on Wednesday, becoming the latest space company to start trading on the New York Stock Exchange (NYSE).
The stock began trading on the NYSE under the ticker symbol “PL,” which fell as much as 7.4% before rising 7.8%. The stock was up 0.6% to $10.88 at 3:08 PM ET.
Planet Labs closed its merger with blank-check firm dMY Technology Group Inc. IV on Tuesday, netting more than $590 million in gross proceeds. In addition to this, the company also raised funding through private investment in public equity (PIPE) round led by BlackRock and joined by Google, Koch, and Marc Benioff’s TIME Ventures.
Founded in 2010, Planet started building less expensive satellites to perform complex tasks, unlike SpaceX satellites used for rocket launches. The company has launched 462 satellites till now with 21 satellites currently in orbit.
The space company intends to capitalize on the demand for space-based data collection from government and private customers.
Planet registered itself 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.
Picture Credits: Tech Startups