Pine Island Acquisition, a blank check company formed by Pine Island Capital Partners targeting the defense industry, lowered the proposed deal size for its upcoming IPO on Friday.
The Fort Lauderdale, FL-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 30 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Pine Island Acquisition will raise -17% less in proceeds than previously anticipated.
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. Citi is the sole bookrunner on the deal.
