dMY Technology Group, Inc. III (DMYI) Shareholders Approve IonQ Deal
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.