DMY Technology III (NYSE:DMYI) stock is on the rise Wednesday on rumors that the special purpose acquisition company (SPAC) may merge with IonQ.
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Here’s what we know so far about the possible merger thanks to talk from insiders reported by Bloomberg.
- The SPAC merger is set to value the combined company at $2 billion.
- DMY Technology III is currently looking to raise additional funding to support the merger.
- That includes raising $300 million from strategic and institutional investors.
- There are also plans for a private investment in public equity (PIPE).
- Several major players are reportedly going to take part in the PIPE.
- That includes Bill Gate’s Breakthrough Energy, as well as an affiliate of Hyundai Motor Co. (OTCMKTS:HYMTF).
- This SPAC deal would result in IonQ becoming one of the first publicly-traded quantum computing companies.
- That’s a big deal as quantum computing is the next major breakthrough in computer technology.
- This is the creation of computers that are able to instantly simulate real-world situations.
- Reports today claim that the deal could be announced in the coming weeks.
- It’s worth pointing out that these are rumors and details of the deal could change before an official announcement.
- That includes the possibility of the deal being called off completely.
- Even so, that isn’t stopping investors from pushing DMYI stock higher today.
- As of this writing, more than 4 million shares of the stock have changed hands.
- That’s quite the increase over its daily average trading volume of roughly 306,000 shares.
DMYI stock was up 22.3% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
