Pine Island Acquisition Corp. (PIPP.U) Prices Downsized $200M IPO


Pine Island Acquisition Corp. (PIPP.U) Prices Downsized $200M IPO

Pine Island Acquisition Corp. announced the pricing of its downsized $200 million IPO this evening and its units are expected to begin trading on the NYSE under the symbol “PIPP.U” tomorrow, Tuesday, November 17.

The new company aims to combine with a target in the defense, government service or aerospace businesses. Pine Island is led by Chairman and Director John A. Thain alongside CEO and Director Philip A. Cooper and CFO and Secretary Charles G. Bridge, Jr.

Total SPAC deal count for 2020 year-to-date is now 179 with $65.1 billion in gross proceeds raised. This offering is expected to close on Thursday, November 19.

Citigroup is acting as sole book-running manager. Paul Hastings LLP is serving as Issuer’s Counsel with Ropes & Gray LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.