LAS VEGAS, NV – dMY Squared Technology Group, Inc. (NYSE American: DMYY), a special purpose acquisition company, announced on Monday that it has deposited an additional $50,000 into its trust account, following a board decision to extend the timeline to complete its initial business combination by one month. The new deadline is now set for September 29, 2024.
This extension is the eighth of up to 23 potential one-month extensions that dMY Squared Technology Group has the right to utilize. The company's amended organizational documents permit extensions up until December 29, 2025, by board resolution. Each extension requires the company to deposit $50,000 into its trust account.
The company, which is classified under the Blank Checks industry, is incorporated in Massachusetts and has its principal executive offices in Las Vegas, Nevada. dMY Squared Technology Group's securities, including units (DMYY.U), Class A common stock (DMYY), and redeemable warrants (DMYY.WS), are listed on the NYSE American exchange.
This move provides dMY Squared Technology Group additional time to secure a suitable initial business combination, which is a common practice for companies structured as special purpose acquisition companies (SPACs). SPACs are created specifically to pool funds in order to finance a merger or acquisition opportunity within a set timeframe.
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