DMYI - Why dMY Technology Group Plunged 14.6% on Monday
Shares of dMY Technology Group III (NYSE: DMYI) plunged as much as 14.6% in trading on Monday after the company announced a merger with IonQ. Shares were still down 14.4% at 3 p.m. EST and showed no signs of recovering today.
IonQ will merge with the SPAC to form a new public company that will trade under the "IONQ" ticker. Fidelity Management & Research, Silver Lake, Breakthrough Energy Ventures, MSD Partners, Hyundai , Kia , and more have also committed to a PIPE that will add $350 million in cash to the company. A PIPE is a way for the SPAC to raise money in addition to the IPO and often shows investors that institutional investors are willing to invest in the company.
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Why dMY Technology Group Plunged 14.6% on Monday