Planet Labs (PL) has entered into an equity distribution agreement to sell up to $1.5 billion of its common stock over time through an at-the-market offering, the company said Friday in a filing.
The proceeds will be used for general corporate purposes, working capital, future growth initiatives, and potential acquisitions.
Planet Labs said the amount of proceeds will depend on market conditions and share sales, and that it will have broad discretion over its timing and use.
Shares of Planet Labs were down 6% in premarket activity.
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