SPACInsider Logo
Pine Island Acquisition Corp. (PIPP) to Liquidate Trust
by Marlena Haddad on 2022-10-13 at 5:00pm

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.

 

Recent Posts
by Marlena Haddad on 2023-01-27 at 11:34am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...

by Nicholas Alan Clayton on 2023-01-27 at 10:00am

Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change.  However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...

by Kristi Marvin on 2023-01-27 at 7:33am

Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...

by Nicholas Alan Clayton on 2023-01-27 at 7:30am

In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...

by Marlena Haddad on 2023-01-26 at 5:32pm

Seaport Calibre Materials Acquisition Corp. (Nasdaq: SCMA) announced this afternoon that it is pushing today’s special meeting back until January 31. The SPAC is currently facing a completion deadline of February 1, but is looking to extend its timeline by an additional six months to August 1. Stockholders may elect to redeem their shares for a pro rata...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved