Today the board of Pine Technology Acquisition in an 8-K said it had determined that the SPAC will not be able to complete an initial business combination within deadline. As a result, the SPAC will dissolve and liquidate at the close of business March 10. The per-share redemption price will be approximately $10.17, after taking into account the removal of a portion of the accrued interest in the trust to pay taxes and for dissolution expenses.
Pine Technology in March 2022 scrapped a proposed merger with The Tomorrow Companies. Although the parties cited “market conditions” as the reason for the decision to call off the deal, the SPAC in an 8-K filing said Tommorrow would be required to pay $1.5 million under terms of the termination agreement.
The SPAC raised $345 million in an IPO two years ago. Read more.
