Pine Technology Acquisition Corp. Completes $345 Million Initial Public Offering
15 Mars 2021 - 4:59PM
Pine Technology Acquisition Corp. (the “Company”) today announced
the closing of its initial public offering of 34,500,000 units,
which includes 4,500,000 units issued pursuant to the exercise by
the underwriters of their over-allotment option. The offering was
priced at $10.00 per unit, resulting in gross proceeds
of $345,000,000, before deducting underwriting discounts and
commissions and other offering expenses payable by the Company.
The units are listed on The Nasdaq Capital Market (“Nasdaq”)
under the symbol “PTOCU” and began trading on March 11, 2021.
Each unit consists of one share of Class A common stock of the
Company and one-third of one redeemable warrant, each whole warrant
entitling the holder thereof to purchase one share of 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.
The Company 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. served as the sole bookrunner and
Odeon Capital Group, LLC served as the co-manager for the
offering.
This offering will only be made by means of a prospectus. Copies
of the preliminary prospectus and the final prospectus relating to
the offering may be obtained from Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Avenue, 5th Floor New
York, New York 10022; Email: prospectus@cantor.com.
A registration statement relating to these securities has been
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”). 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
an 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 anticipated use of the net proceeds of the
offering. No assurance can be given that the net proceeds of the
offering will be used as indicated. 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
SEC. Copies are available on the SEC's website, 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.
Contact:
Joseph Brecher(212)
402-8220joseph.brecher@pinetechnology.com
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