Pine Island Acquisition intends to dissolve and liquidate effective Oct. 28, saying it will be unable to do a deal by its deadline.
The per-share redemption price will be approximately $10.04.
Pine Island was focused on the defense sector following a November 2020 IPO of $200 million. The SPAC earlier this year issued a promissory note to its sponsor with a draw-down of up to $600,000 for working capital, and had received $487,000 as of April 15, according to a regulatory filing. Read more.
