Pine Island Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering
17 November 2020 - 1:43AM
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.
Forward-Looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
proposed initial public offering and the Company’s plans with
respect to the target industry for a potential business
combination. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the Company will ultimately complete a business combination
transaction. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s registration statement and preliminary prospectus for the
Company’s offering filed with the U.S. Securities and Exchange
Commission (the “SEC”). Copies of these documents are available on
the SEC’s website, at www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201116006092/en/
Pine Island Acquisition Corp. Clyde Tuggle (954) 526-4865
ir@pineislandac.com
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