DMY Technology III (NYSE:DMYI) stock is on the rise Wednesday on rumors that the special purpose acquisition company (SPAC) may merge with IonQ.
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.