Clean-check firm Pine Island Acquisition Corp. filed for an preliminary public providing with the U.S. Securities and Change Fee on Wednesday.
The corporate stated its sponsor, Pine Island Sponsor LLC, is affiliated with Pine Island Capital Companions, a personal fairness agency based in 2018 by John A. Thain and Philip A. Cooper.
Mr. Thain, the corporate’s chairman, was the final chief government and chairman of Merrill Lynch & Co., Inc., and likewise served as served as CEO and Chairman of CIT Group.
Pine Island Acquisition Corp. stated it plans to supply 30 million items at $10 per unit. Every unit consists of 1 share of Class A standard inventory and one-third of a warrant. Every complete warrant permits the holder to purchase a share of Class A standard inventory for $11.50.
The corporate’s sponsor agreed to place as much as 5,933,333 warrants for $1.50 every in a personal placement. Every non-public placement warrant permits the holder to buy one share of Class A standard inventory for $11.50.
“Pine Island Capital Companions’ staff contains 4 former senators, a former Home Majority Chief and longstanding board member of a giant aerospace firm, a former Chairman of the Joint Chiefs of Employees, a former head of U.S. Central Command, a former U.S. Chief of Protocol, a former U.S. Ambassador to the United Nations for Particular Political Affairs and a former Beneath Secretary of Protection,” Pine Island Acquisition Corp. stated.
The corporate stated it hasn’t recognized a enterprise mixture goal, including, “We imagine that with our entry, community and experience, we’re well-suited to benefit from the present and future alternatives current within the aerospace, protection and authorities providers industries.”
Pine Island Acquisition stated it plans to use to checklist its items on the New York Inventory Change beneath the image “PIPP.U.”
Citigroup is listed because the providing’s sole book-running supervisor.