Planet Labs completes redemption of warrants

Planet Labs (PL) has completed the redemption of its outstanding public warrants to purchase shares of the Company’s Class A common stock, par value $0.0001 per share, that were issued under the Warrant Agreement, dated March 4, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, as part of the units sold in the Company’s initial public offering, for a redemption price of $0.01 per Public Warrant, that remained outstanding at 5:00 p.m. New York City time on April 27, 2026. On March 27, 2026, the Company issued a press release stating that, pursuant to the terms of the Warrant Agreement, on the Redemption Date it would redeem all of the outstanding Public Warrants at a redemption price of $0.01 per Public Warrant. Of the 9,162,223 Public Warrants that were outstanding as of March 27, 2026, 9,090,913 were exercised for cash at an exercise price of $11.50 per share in accordance with the terms of the Warrant Agreement, representing 99.2% of the outstanding Public Warrants in the aggregate and resulting in aggregate cash proceeds of $104.5M. A total of 71,310 Public Warrants remained unexercised as of the Redemption Date and the Company redeemed those Public Warrants for an aggregate redemption price of $713. Following the Redemption Date, the Company had 332,899,400 shares of Class A common stock outstanding, 23,493,796 shares of the Company’s Class B common stock, par value $0.0001 per share outstanding and no Public Warrants outstanding. In connection with the redemption, the Public Warrants ceased trading on the New York Stock Exchange and were delisted with the suspension of trading effective before market open on April 27, 2026. The Class A common stock continues to trade on the New York Stock Exchange under the symbol “PL.”