The Tomorrow Companies and Pine Technology Acquisition today announced a definitive merger agreement that values the combined company at a pro forma equity value of $1.2 billion — assuming no redemptions. If approved, upon closing Tomorrow.io will trade on the Nasdaq under TMW.
Tomorrow.io is a SaaS company with an ESG mission to improve weather forecasting (Environmental), protect communities and save lives globally (Social) and enable countries, businesses and individuals to prepare for weather events and climate change (Governance).
The transaction will provide up to $420 million of gross proceeds, assuming no redemptions, including $75 million through a fully-committed PIPE. Pine Technology raised $345 million in a March IPO.
The PIPE includes commitments from institutional investors including funds managed by Koch Strategic Platforms, National Grid Partners, JetBlue Technology Ventures, SB Energy Corp., SoftBank Group’s Japanese wholly-owned subsidiary, as well as Pine Technology’s sponsor, Pine Technology Sponsor. Read more.
