dMY Squared & Ouster Terminate Deal, Ouster Pays $15M

TL;DR

dMY Squared & Ouster deal is off, Ouster pays $15M termination fee.

AI Summary

On July 26, 2024, dMY Squared Technology Group, Inc. filed an 8-K report detailing the termination of its business combination agreement with Ouster, Inc. The agreement, initially announced on January 27, 2022, was terminated by mutual consent due to the expiration of the agreement's termination date. Ouster, Inc. will pay dMY Squared Technology Group, Inc. a termination fee of $15 million.

Why It Matters

This termination signifies the end of a significant potential merger, impacting both companies' strategic directions and shareholder value. The $15 million termination fee provides some compensation to dMY Squared.

Risk Assessment

Risk Level: medium — The termination of a major business combination agreement introduces uncertainty for both companies, potentially affecting their stock prices and future strategies.

Key Numbers

• $15 million — Termination Fee (Paid by Ouster, Inc. to dMY Squared Technology Group, Inc. upon termination of the business combination agreement.)

Key Players & Entities

• dMY Squared Technology Group, Inc. (company) — Registrant
• Ouster, Inc. (company) — Party to business combination agreement
• January 27, 2022 (date) — Date of initial business combination agreement announcement
• July 26, 2024 (date) — Date of 8-K filing and termination event
• $15 million (dollar_amount) — Termination fee paid by Ouster, Inc.

FAQ

Key Financial Figures

• $0.0001 — rican Class A common stock, par value $0.0001 per share DMYY NYSE American Rede
• $11.50 — mon stock, each at an exercise price of $11.50 per share DMYY.WS NYSE American In
• $50,000 — ") caused to be deposited an additional $50,000 into the Company's trust account in con

Filing Documents

• d878653d8k.htm (8-K) — 27KB
• 0001193125-24-187607.txt ( ) — 198KB
• dmyy-20240726.xsd (EX-101.SCH) — 5KB
• dmyy-20240726_def.xml (EX-101.DEF) — 15KB
• dmyy-20240726_lab.xml (EX-101.LAB) — 25KB
• dmyy-20240726_pre.xml (EX-101.PRE) — 16KB
• d878653d8k_htm.xml (XML) — 8KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 26, 2024 dMY Squared Technology Group, Inc. (Exact name of registrant as specified in its charter) Massachusetts 001-41519 88-0748933 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 1180 North Town Center Drive , Suite 100 Las Vegas , Nevada 89144 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (702) 781-4313 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant DMYY.U NYSE American Class A common stock, par value $0.0001 per share DMYY NYSE American Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share DMYY.WS NYSE American Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item8.01. Other Events On July 26, 2024, dMY Squared Technology Group, Inc. (the "Company") caused to be deposited an additional $50,000 into the Company's trust account in connection with the approval by the Company's board of directors (the "Board") of an extension of the date by which the Company has to consummate an initial business combination by an additional month, from July 29, 2024 to August 29, 2024, the seventh of 23 potential one-month extensions available to the Company. As previously disclosed, the Company's Amended and Restated Articles of Organization, as amended, provides the Company the right to extend such date up to twenty-three times for an additional one month each time to up to December 29, 2025, by resolution of the Board. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DMY SQUARED TECHNOLOGY GROUP, INC. By: /s/ Harry L. You Name: Harry L. You Title: Chief Financial Officer and Chairman Dated: July 29, 2024

View Full Filing

View this 8-K filing on SEC EDGAR