Planet Labs Has Roller-Coaster Market Debut After Blank-Check Deal
(Bloomberg) -- Planet Labs PBC see-sawed in its first day of trading after the satellite imaging specialist became the latest space-focused company to go public in a blank-check deal.
The shares, which began trading on the New York Stock Exchange under the ticker symbol “PL,” alternated between gains and losses Wednesday, falling as much as 7.4% before rising 7.8%. The stock was up 2.1% to $11.04 at 11:43 a.m. in New York.
The uneven debut underscored the challenges facing many special purpose acquisition companies amid heightened regulatory scrutiny and investor skepticism. Planet Labs, which closed its merger with blank-check firm dMY Technology Group Inc. IV on Tuesday, aims to capitalize on demand for space-based data collection from government and private customers.
Founded in 2010 by a trio of NASA scientists, Planet Labs designs, builds and operates a fleet of imaging satellites for more than 700 customers.
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