Planet Labs SPAC: How to buy PL stock?

3 min read | December 08, 2021 04:42 AM EST | By Raza Naqvi

Planet Labs SPAC: How to buy PL stock? — Image source: Demidovichphotostock | Megapixl.com

How to buy the Planet Labs stock?

The Planet Labs stock will trade under the stock symbol 'PL', and you can buy the shares once it begins trading on the New York Stock Exchange on December 8. If you have an online trading account with a brokerage company, you can get hold of the PL stock like you buy regular shares.

Will Marshall. Chief Executive Officer (CEO) and founder at Planet Labs said that the public debut would help the company to accelerate its business and collaborate with people to create a sustainable and secure world.

Planet Labs stock

Planet Labs provides solutions and insights into our planet to the world's most influential governments and companies. It is growing rapidly as data has become essential for the global economy.

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The company is set to receive US$ 590 million in gross proceeds, including the proceeds from the SPAC's trust account and private placement (PIPE).

After the agreement's closing, the combined entity's Board of Directors will have seven members, including Will Marshall.

Bottom line

Planet Labs has emerged as a leader of providing satellite imagery and geospatial solutions. In addition, it operates the largest constellation of satellites responsible for taking Earth's photos from orbit.

The company was established in 2010 by three NASA scientists, and it has grown rapidly to become capable of processing and to compile data from over three million images per day. Meanwhile, it provides software solutions and insights to more than 700 customers.

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In the second quarter of fiscal 2022, Planet Labs' revenue was US$ 30.4 million, an increase of 19 per cent year-over-year (YoY), and it is on track to achieve the target of US$ 130 million in revenue for the fiscal year 2022.

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