dMY Technology Group, Inc. II (DYMD) stock recently traded at $15.63 which is a 6.25% upward movement. The DMYD stock previously closed at $14.71. DMYD stock also soared in the premarket trading session by 18.36% at the time of writing.
The pattern of positive movement in the premarket trading session is believed to be still revolving around the news of a special meeting to take place between DMYD stock and Genius Sports Group.
Insight into the background of both companies
dMY Technology Group, Inc. II (DMYD) is a special acquisition (SPAC) company that has the purpose of influencing several business activities and stock purchases. The company is founded by Niccolo de Masi and Harry You. Both partners had created DMYD stock to initiate and process acquisitions, mergers, capital exchanges, asset acquisition, reorganizations, and similar business combinations.
Genius Sports Group (GSG) is the leading digital sports content, data technology, and integrity service globally. Genius Sports creates partnership for providing official data and technology services revolving around the world of sports, media, and betting. They have provided their services to over 150 countries worldwide specifically for managing the sports news, sports information and media entertainment while broadcasting it through a live online channel as well.
Genius Sports Group (GSG) is therefore known to be completely infused in the ecosystem of sports and the media industry as well. This is what garners it the reputation to be a partner of 500 sports organizations around the world.
The SPAC couldn’t have made the Business Combination deal at a better time!
dMY Technology Group, Inc. II had announced on 30th March, to bring along a proposed business plan for a business combination with Genius Sports Group. The DMYD SPAC is deciding to bring the sports data and technology company public. Furthermore, the announcement of this deal has made the stocks of two companies interlinked for now in the eyes of shareholders and investors. This has also led to DMYD stock soaring last Thursday when Genius Sports (GSG) announced their exclusive sports deal with NFL.
Game-Changing deal for Genius Sports Group
NFL is the most popular and important sport there is in the US professional sports league. NFL is ending its deal with Sportradar and Genius Sports Group has come to fill in that gap. It will have exclusive access to NFL’s “Next Gen Stats”. Being the technology and data backbone for the sports betting companies, GSG will be providing these sports-betting data to FanDuel and DraftKings, both of which are sportsbook operators. So for NFL to be partnering up with GSG is a game-changing deal that will allow the sports technology and data company to distribute real-time play-by-play stats of the NFL for the next four years.
More details about the Special Stakeholder meeting
DMYD stock has filed a meeting with the SEC for its special meeting taking place on 16thApril, in a definitive proxy statement that underlines the context of the meeting. More details about the meeting can be found on dMY’s linked here website. Once the business combination has come under completion GSG will change its name to GSL (Genius Sports Limited).