What Happened to dMY Technology Group / IronNet?
Ticker: DMYTSPAC Year: 2021Merger: 2021
Return
-100.0%
Current Price
$0
Peak Price
$16
Trust Size
$230M
Summary
dMY Technology Group, backed by Steph Curry, merged with IronNet Cybersecurity. The deal combined celebrity backing with a former NSA director's company â and still ended in bankruptcy.
What Happened
dMY Technology Group was a serial SPAC sponsor that attracted celebrity investor Steph Curry. The NBA superstar's involvement generated buzz when the SPAC merged with IronNet Cybersecurity, founded by former NSA Director Keith Alexander.
On paper, it seemed like a strong combination: a marquee celebrity backer, a legendary intelligence chief's cybersecurity company, and a prolific SPAC sponsor.
But IronNet's collective defense platform failed to gain meaningful commercial traction. The technology was complex, the sales cycle long, and established players dominated. Revenue stayed in the low millions while losses mounted.
The stock declined from $16 steadily to zero. IronNet filed for bankruptcy in September 2023, wiping out all equity value including Curry's investment.
Key People
Timeline
2021-08-26
SPAC merger brings IronNet public
2021-09-15
Stock peaks at $16
2022-10-01
Financial restatements
2023-09-29
IronNet files Chapter 11 bankruptcy