DMYI Stock Price, News & Analysis

dMY Technology Group Inc III was a blank check company formed to pursue a business combination with technology-focused enterprises. The SPAC was led by CEO Niccolo de Masi and raised approximately $300 million through its November 2020 initial public offering, with Goldman Sachs and Needham serving as underwriters. The company focused on identifying merger targets that created compelling mobile and technology experiences across sectors including gaming, entertainment, productivity, fintech, and healthcare.

In March 2021, dMY Technology Group III announced a definitive agreement to merge with IonQ, a pioneering quantum computing company. The transaction was notable for making IonQ the first publicly traded pure-play quantum computing company. The deal included a $350 million PIPE investment from prominent institutional investors including Fidelity Management & Research Company, Breakthrough Energy Ventures, Hyundai Motor Company, and Kia Corporation.

The business combination was approved by stockholders in September 2021 and closed on October 1, 2021, with the combined company receiving gross proceeds of approximately $636 million. Following the merger completion, IonQ began trading on the New York Stock Exchange under the ticker symbol IONQ. As a result, DMYI no longer trades as an independent entity, having fulfilled its purpose as a SPAC vehicle to bring IonQ to the public markets.