-

Planet Announces Closing of Private Upsized Offering of $460,000,000 of 0.50% Convertible Senior Notes Due 2030

Strengthens balance sheet to fuel long-term growth at an attractive rate

Structured efficiently with five-year maturity and $18.04 effective conversion price per share

SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE:PL) today announced the closing of $460,000,000 aggregate principal amount of 0.50% Convertible Senior Notes due 2030 (the “notes”), including the exercise in full of the option granted to the initial purchasers to purchase up to $60,000,000 aggregate principal amount of notes.

Planet CFO and President Ashley Johnson, said: "The closing of this offering represents another step in building a sustainable, high-impact business for the long-term. This strategic financing allows us to strengthen our balance sheet and enhance our competitive position, while minimizing dilution for our existing shareholders. The strong investor demand, which led to the upsize of the offering, is a clear vote of confidence in our team and our mission.”

The offering of the notes was structured with a 0.50% interest rate, a five-year maturity and an initial conversion price of approximately $11.95 per share, representing an initial conversion premium of approximately 32.5% above the closing price of $9.02 per share of Planet’s Class A common stock on September 9, 2025.

In connection with the offering of the notes, Planet entered into capped call transactions, which increase the effective conversion price of the notes to 200% of the closing price of Planet’s Class A common stock on September 9, 2025. The capped call transactions are expected to reduce dilution or offset any cash payments Planet is required to make in excess of the principal amount of converted notes, as the case may be, upon a conversion of the notes up to a stock price of $18.04 per share of Planet’s Class A common stock, subject to adjustment under the terms of the capped call transactions.

Planet can elect to settle any conversions of notes in cash, shares of its Class A common stock, or a combination of cash and shares of its Class A common stock.

Contacts

Investor Contact
Cleo Palmer-Poroner
Planet Investor Relations Team
ir@planet.com

Press Contact
Claire Bentley Dale
Planet Communications Team
press@planet.com

Planet

NYSE:PL

Release Versions

Contacts

Investor Contact
Cleo Palmer-Poroner
Planet Investor Relations Team
ir@planet.com

Press Contact
Claire Bentley Dale
Planet Communications Team
press@planet.com

More News From Planet

Planet Joins Industry-Academia Initiative to Advance Atmospheric Reentry Research with Astroscale

SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about change on Earth, today announced its role as a founding participant in the Atmospheric Impact of Reentered Spacecraft (AIRS) initiative. Convened by Astroscale Holdings Inc., the AIRS initiative is a first-of-its-kind industry-academia collaboration designed to improve scientific understanding of the effects of spacecraft reentry on Earth’s atmosphere. As activity in low Earth orbit (...

Planet Reports Financial Results for First Quarter of Fiscal Year 2027

SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about change on Earth, today announced financial results for the period ended April 30, 2026. “Planet’s excellent start to the year is a testament to the mission-critical nature of our data in an increasingly complex world,” said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. “Planet is executing with speed and focus, evidenced by th...

Planet Secures 8-Figure NGA Contract Extension for Maritime Surveillance and New Award for Crisis Response Monitoring

SAN FRANCISCO--(BUSINESS WIRE)--Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about change on Earth, today announced two significant contract milestones with the National Geospatial-Intelligence Agency (NGA) that deepen the company’s role in supporting global security. Planet’s subsidiary, Planet Labs Federal, Inc., has been awarded an Option Year 1 extension for its Maritime Domain Awareness (MDA) and a new contract for Global Monitoring Service (GMS) to support ong...
Back to Newsroom