dMY VI Launches Tender Offer for Rain Enhancement Deal
dMY Technology Group, Inc. VI (NYSE: DMYS) announced this morning that it has launched a tender offer to purchase up to 24,150,000 of its shares of Class A common stock in connection to its business combination with Rain Enhancement Technologies. The offer will expire on February 24, 2023, at 5:00 p.m. EST.
The shares will be purchased at a price equal to the quotient obtained by dividing the aggregate amount on deposit in the trust initially established to hold the proceeds of the IPO of dMY VI, as of two business days prior to the completion of the deal, including interest not previously released to dMY VI to pay its taxes, by the total number of then outstanding shares of common stock.
The SPAC intends to fund the purchase of common stock shares in the tender offer with its cash available from the trust account.
dMY VI initially announced its $200 million combination with rainfall generation technology Rain Enhancement Technologies, Inc. in December 2022. Austin, Texas-based Rain Enhancement Technologies aims to provide the world with reliable access to water through the development and commercialization of rainfall generation technology.