Genius Sports will begin trading on the New York Stock Exchange (NYSE) as of tomorrow morning, Wednesday 21 April (ticker – GENI), having completed all merger requirements with SPAC vehicle dMY Technology Group II (dMY II).
In a statement released this afternoon, the firm communicated that its business combination had been formally approved at a special meeting of dMY II’s stockholders held on Friday, 16 April.
The announcement sees Genius and dMY II complete its merger objectives, which were initiated last October, with the SPAC vehicle declaring its intentions to pursue a $1.5 billion US IPO of Genius.
dMY II was formed by US wagering and tech investors Niccolo De Masi and Harry You, to secure a minimum of $300 million in pre-IPO financing to guarantee Genius’ NYSE listing.
“With its proprietary technology, unparalleled access to data and growing network of partnerships, GSG is powering the global sports, betting and media ecosystem,” said Niccolo de Masi, Chief Executive Officer of dMY Technology Group.
“What’s more, the company benefits from a strong competitive moat and clear, promising growth opportunities that should drive compelling value for shareholders over the long-term.”
Genius agreed to dMY II SPAC combination, as the sports tech company aims to become the global market leader in live data, media rights, sports integrity, wagering provisions for sports.
Ahead of its NYSE debut, Genius underscored its tech and commercial capacity highlighting its 400 partnerships with global sports organisations including the NFL, NBA, NCAA, FIBA, FIFA and the English Premier League.
“As Genius Sports enters an exciting new chapter in its history, we are uniquely positioned at the heart of the world’s sports, betting and media ecosystem,” said Mark Locke, Chief Executive Officer and Co-Founder of Genius Sports.
“Our merger with dMY II and listing on the NYSE are a testament to the enormous opportunity ahead of us as we leverage our unique scale, drive innovation and deliver products that help our partners create new and immersive experiences for sports fans around the world.
As previously disclosed, Locke will continue to lead the business as Chief Executive Officer, supported by David Levy as the company’s new Chairman.
Genius has formed an eight-man board, which will include dMY II’s Chairman Harry You and CEO Niccolo de Masi; Apax Partners’ Albert Costa Centena, Gabriele Cipparrone and Roxana Mirica and Oakvale Capital’s Daniel Burns.
Source: SBC News
