Pine Island Acquisition Corp.(NYSE:PIPP) announced this afternoon that it intends to dissolve and liquidate its trust due to its inability to complete a business combination, effective as of the close of business on October 28.
Within ten days following the close of business, the SPAC will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its IPO, at a per-share redemption price of approximately $10.04.
Pine Island’s management team did not provide details as to why they are liquidating, but several SPACs that recently liquidated their trust have noted that existing market conditions have made it difficult to complete a deal.
Pine Island marks the second SPAC to announce its intention to liquidate today and is the 38th to do so this year, 28 of which have already completed their liquidations.
The SPAC originally announced the pricing of its downsized $200 million IPO in November 2020 and planned to combine with a target in the defense, government services or aerospace businesses. Pine Island was led by Chairman and Director John A. Thain alongside CEO and Director Philip A. Cooper and CFO and Secretary Charles G. Bridge, Jr.
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