Pine Island Acquisition, a blank check company formed by Pine Island Capital Partners targeting the defense industry, raised $200 million by offering 20 million units at $10. The company offered 5 million fewer units than anticipated. It originally planned to offer 30 million units before decreasing the offering to 25 million units last week. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 plans to list on the NYSE under the symbol PIPP.U. Citi acted as a lead manager on the deal.
