Genius is set to merge with dMY II, a special-purpose acquisition company (SPAC) in order to go public on the New York Stock Exchange (NYSE), having announced the transcation in October 2020. The deal has already been approved by both boards, but still requires dMY shareholder approval.
However, the group has now revealed that dMY II will itself become a subsidiary of Galileo, a business incorporated in Guernsey.
The deal is partly funded by $276m held in dMY’s trust account and partly by a group of accredited and institutional investors.
These investors have subscribed to purchase a combined 33m shares in Galileo NewCo for $10.00 each, totalling $330m. This will be done via a common stock fully committed private investment (PIPE investment).