Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Google-backed geospatial intelligence company, Planet Labs, plans to go public by merging with dMY Technology Group, Inc. IV, a special purpose acquisition company (SPAC). The deal is expected to close later in 2021, although the exact date has not been announced.
Here's what we know so far and how investors in Canada can buy Planet Labs stock when the company goes public.
Once Planet Labs goes public, you'll need a brokerage account to invest. Consider opening a brokerage account today so you're ready as soon as the stock hits the market.
On July 7, 2021, Planet announced that it will go public via merging with dMY Technology Group, Inc. IV, an SPAC. The newly merged company is expected to trade on the NYSE under the ticker symbol "PL." The deal is expected to close later in 2021. Other details like the exact closing date and expected stock price have not yet been announced.
dMY Technology Group, Inc. IV was incorporated in December 15, 2020 and went public on the NYSE on March 9, 2021. It sold 34.5 million stocks at a price of $10 per stock, raising $345 million total. dMY Technology Group, Inc. IV filed a Form S-4 with the SEC on August 3, 2021. You can view the document, which includes details of the Planet Labs merger, here.
Special purpose acquisition companies (SPACs or "blank check companies" for short) are shell businesses that exist purely on paper. SPACs are created for the purpose of going public, selling stocks, raising capital and then merging with another company.
The process of going public via merging with another publicly-traded company is quicker and easier than the traditional IPO process. Plus, funds raised by the SPAC from selling its stock gets passed on to any company it merges with. As a result, more and more companies are going public via SPACs.
We'll update this page as more information becomes available.
Planet Labs is a leading geospatial intelligence company that offers high frequency satellite data to commercial customers and governments. In the company's own words, "Planet indexes the Earth and makes it searchable the way Google indexes the internet." Its 2020 revenue was $96 million, and it expects to earn $113 million in 2021.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
You won't be able to buy Planet Labs stocks on a Canadian stock exchange like the TSX or CSE. Instead, you'll need a Canadian broker that provides access to stocks sold on international exchanges. However, some Canadian brokerages don't offer access to international investments at all or only provide access to a limited range of investment opportunities.
You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Questrade, Wealthsimple, Scotia iTRADE and Interactive Brokers. Interactive Brokers also provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
The process of buying stocks listed on international exchanges is basically the same as buying stocks in a Canadian company. You buy and sell using your online trading account or through an investment broker who handles international stocks.
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
Note: The dollar amounts in the table below are in Canadian dollars.
Stock trading doesn’t have to be expensive. Using Finder’s proprietary algorithm, we’ve identified the best cheap Canadian and US stocks to buy now.Read more…
Cue Health—developer of a COVID-19 self-testing kit with conditional approval in the US, Canada, European Union and India—has gone public. Here’s how to buy in.Read more…
Steps to owning and managing ARBK stock, with 24-hour and historical pricing before you buy.Read more…
Everything we know about the Lucid Diagnostics IPO, plus information on how to buy in.
Everything we know about the IHS Holding Limited IPO, plus information on how to buy in.
Everything we know about the Marpai IPO, plus information on how to buy in.
Everything we know about the Immix IPO, plus information on how to buy in.
Everything we know about the AvidXchange IPO, plus information on how to buy in.
Everything we know about the Augmedix IPO, plus information on how to buy in.
Everything we know about the Biofrontera Inc. IPO, plus information on how to buy in.
Everything we know about the GitLab Inc. IPO, plus information on how to buy in.
Everything we know about the Society Pass Incorporated IPO, plus information on how to buy in.
Everything we know about the Cingulate IPO, plus information on how to buy in.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.