Pine Technology Acquisition Corp. has priced of its initial public offering of 30,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market under the symbol “PTOCU.” Each unit consists of one Class A common stock of the company and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A common stock at an exercise price of $11.50 per share. Once the securities constituting the units begin separate trading, the company expects the Class A common stock and warrants will be listed on Nasdaq under the symbols “PTOC” and “PTOCW,” respectively.
Pine is sponsored by Pine Technology Sponsor LLC. The company was formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company currently intends to concentrate its efforts on identifying businesses in the insurance-related technology sector, but it may pursue an initial business combination target in any business or industry.
Cantor Fitzgerald & Co. is serving as the sole bookrunner and Odeon Capital Group LLC is serving as the co-manager for the offering. The company has granted the underwriters a 45-day option to purchase up to 4,500,000 additional units at the initial public offering price to cover over-allotments, if any.