Pine Island Acquisition Corp. Announces Partial Exercise & Closing of Underwriters’ Option to Purchase Additional Units in ...
24 November 2020 - 10:15PM
Business Wire
Pine Island Acquisition Corp. (the “Company”) today announced that the underwriters of
its previously announced initial public offering of 20,000,000
units, which closed on November 19, 2020, have partially exercised
their option to purchase additional units, resulting in the
issuance of an additional 1,838,800 units at a public offering
price of $10.00 per unit. After giving effect to the partial
exercise and close of the option, an aggregate of 21,838,800 units
have been issued in the initial public offering and an aggregate of
$218,388,000 has been deposited into the Company’s trust account.
The underwriters have until December 31, 2020 to exercise the
remainder of their option to purchase additional units.
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. The units are listed on the
New York Stock Exchange under the ticker symbol “PIPP.U.” 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 public offering is being made only by means of a prospectus.
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.
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/20201124005987/en/
Clyde Tuggle (954) 526-4865 ir@pineislandac.com
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