Genius Sports Group has submitted its ‘registration statement’ telling the US Securities and Exchange Commission (SEC) of its intention to merge with the ‘dMY Technology Group II’ special purpose acquisition business (SPAC) (dMY II).
Shareholders’ approval of the merger
The SEC filing was reported by the newly formed ‘Galileo NewCo Ltd’ (NewCo) holding company and confirms both Genius and dMY II shareholders’ approval of the merger.
If the merger secures SEC approval, Genius and dMY II will move to form a single business company trading under the ticker ‘GENI’ on the New York Stock Exchange (NYSE).
Genius approved a merger plan last October by dMY II, a SPAC headed by Harry You and Niccolo De Masi, the US tech executives. You and De Masi have secured $300 million in funds to guarantee Genius’ IPO listing by floating dMY II on the NYSE.
In order to complete the transaction during the first-quarter trading, dMY II retains its IPO schedule. The SPAC will continue to list Genius on the NYSE, targeting a $1.5 billion valuation.
Genius reaffirmed its full-year 2020 estimates in the declaration and plans to produce approximately $145 million in sales and approximately $14 million in adjusted EBITDA.
What was said…
Mark Locke, Genius Sports Co-Founder and CEO said: “Amidst a global pandemic, we have made great progress in 2020 and are on track for sustained strong performance in 2021.
“Looking ahead, our anticipated merger with dMY II and NYSE listing will strengthen our position as a true partner to sports leagues, sportsbooks and media groups worldwide.”