Pine Island Acquisition, with ties to at least two people selected by president-elect Joe Biden for his Cabinet, is seeing a surge in support from Wall Street players after pitching access to investors, CNBC reports. Pine Island’s team includes Tony Blinken, Biden’s choice for secretary of State, and Ret. Gen. Lloyd Austin, the nominee for Defense secretary.
The SPAC was first described in September to investors in a prospectus featuring its direct affiliation with the investment firm, Pine Island Capital Partners. The document was filed with the SEC as Biden surged in the polls. Since then, Pine Island has raised more than $218 million.
“We believe that with our access, network and expertise, we are well-suited to take advantage of the current and future opportunities present in the aerospace, defense and government services industries,” the SPAC said in the filing. Read more.
