Pine Technology Acquisition, a blank check company formed by past and present AmTrust Financial executives and Stone Point Capital, raised $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.
The company is led by CEO and Director Christopher Longo, the founder and CEO of tech-focused commercial insurance managing general agent and brokerage Novum and the former Chief Information and Operating Officer of AmTrust, and Chairman Adam Karkowsky, who currently serves as the President of AmTrust. The company plans to target the insurance-related technology sector (InsurTech) and also intends to focus more broadly on businesses that provide products and services in all sectors of the insurance industry, including carriers, managing general agents, claims administrators, and brokers, where technology can be utilized to enhance the underlying business.
Pine Technology Acquisition plans to list on the Nasdaq under the symbol PTOCU. Cantor Fitzgerald acted as a lead manager on the deal.
