Pine Island Acquisition, a blank check company formed by Pine Island Capital Partners targeting the defense industry, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The Fort Lauderdale, FL-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Pine Island Acquisition would command a market value of $375 million.
The company is led by Chairman John Thain and CEO and Director Philip Cooper, co-founders of private equity firm Pine Island Capital Partners. The company plans to leverage its management team's experience and target defense, government service, and aerospace businesses.
Pine Island Acquisition was founded in 2020 and plans to list on the NYSE under the symbol PIPP.U. The SPAC filed confidentially on September 2, 2020. Citi is the sole bookrunner on the deal.
