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.
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...