dMY Technology Group, Inc. III (NYSE:DMYI) pre-announced its light redemptions this morning in a press release ahead of its shareholder meeting tomorrow to vote on its combination with quantum computing firm IonQ.
The press release reported that dMY expects the business combination to be approved at tomorrow’s meeting. Although the company didn’t disclose the exact redemption numbers, it stated that IonQ anticipates to receive in excess of approximately $600 million of gross proceeds from the deal, reflecting redemptions in the single-digit percentile if we account for transaction expenses. DMYI is up 7.08% to $12.10 on the day thus far following the positive headlines.
dMY III originally brought about $300 million into the deal from its trust alongside a $350 million PIPE at $10 per share.
The PIPE drew investment from a mix of institutional and strategic investors, including Fidelity Management & Research Company, Breakthrough Energy Ventures, Hyundai Motor Company and Kia Corporation, Silver Lake, MSD Partners, and Marc Benioff’s TIME Ventures.
The business combination is expected to close on Thursday, September 30, and the company will change its name to IonQ, Inc. The combined company’s shares of common stock and warrants are expected to trade on the New York Stock Exchange beginning on Friday, October 1 under the ticker symbols “IONQ” and “IONQ.WS,” respectively.
dMY III initially inked its $1.37 billion deal 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.
Just last week, IonQ announced a partnership with GE Research to explore the impact of quantum computing on risk management across multiple sectors including in the field of government and finance.
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.
Evolution Global (NASDAQ:EVOXU) has filed for a $150 million SPAC to hunt for a domestic critical materials target just as the trade war heats up again. With this final S-1 filing of July, underwriter Cohen & Company put a pin in the new SPAC generation for the month. This brought July’s new SPAC filings to...
In July 2025, the SPAC market continued to show signs of resilience, even as shareholder activity moderated slightly from the previous month. Extension votes remained steady, with most proposals approved and many SPACs still early in their extension cycles. Although only one business combination received shareholder approval, four deals were ultimately completed during the month,...
At the SPAC of Dawn Just when the market thought it might have had a handle on this year’s sources of uncertainty, tariffs have once again returned to complicate the picture. The “reciprocal” tariffs announced and then postponed by the Trump administration are set to snap back in to force on August 7. For some...
HCM III Acquisition Corp. (NASDAQ:HCMAU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HCMAU”, Friday, August 1, 2025. The new SPAC intends to focus on identifying businesses which provide disruptive technology or innovations within the financial services industry. HCM III is led...
Melar I (NASDAQ:MACI) has entered into a definitive agreement to combine with Italian e-commerce firm Everli at a pro forma enterprise value of $247 million. Everli delivers groceries to consumers via in-store shoppers at a wide range of retailers in the Italian market. The combined company is expected to trade on the Nasdaq under the...