Pine Island Capital SPAC goes public

Pine Island Acquisition Corp, a blank check formed by Pine Island Capital Partners, has raised $200 million for its IPO after pricing its 20 million shares at $10 per share.

Pine Island Acquisition Corp, a blank check formed by Pine Island Capital Partners, has raised $200 million for its IPO after pricing its 20 million shares at $10 per share. The stock began trading November 17, 2020 on the New York Stock Exchange under the ticker symbol “PIPP.U.” Citigroup is the underwriter.

PRESS RELEASE

FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Pine Island Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the New York Stock Exchange under the ticker symbol “PIPP.U” beginning November 17, 2020. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the New York Stock Exchange under the symbols ‘‘PIPP’’ and ‘‘PIPP WS,’’ respectively.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on businesses in the defense, government service and aerospace industries.

Citigroup is acting as sole book-running manager. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-800-831-9146.

A registration statement relating to the securities became effective on November 16, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is expected to close on November 19, 2020, subject to customary closing conditions.