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SPAC AdMY Technology Group files for a $250 million IPO, targeting cloud infrastructure

March 9, 2021

AdMY Technology Group, the fifth blank check company formed by Niccolo de Masi and Harry You, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.

The Las Vegas, NV-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, AdMY Technology Group would command a market value of $313 million.

The company is led by Co-Chairman Niccolo de Masi, the former CIO of Resideo Technologies (NYSE: REZI) and CEO of Glu (Nasdaq: GLUU); Co-Chairman Harry You, the founder and Vice Chairman of GTY (Nasdaq: GTYH); and CEO and Director Shekar Ayyar, who currently serves as General Manager of the Telco and Edge Cloud business unit at VMware (NYSE: VMW). AdMY Technology Group plans to target businesses in the broader communications and cloud infrastructure ecosystem, focusing on those with enterprise values between $1 billion and $3 billion.

de Masi and You's previous SPACs include dMY Technology Group IV (DMYQ.U; +3% from $10 offer price), which went public earlier this month; November 2020 IPO dMY Technology Group III (DMYI; +9%), which has a pending merger agreement with quantum computing startup IonQ; August 2020 IPO dMY Technology Group II (DMYD; +56%), which has a pending merger agreement with Genius Sports; and February 2020 IPO dMY Technology Group, which completed its combination with Rush Street Interactive (RSI; +53%) this past December.

AdMY Technology Group was founded in 2021 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: ADMYU.RC). Goldman Sachs is the sole bookrunner on the deal.