Pine Island Acquisition Corp.
PIPP
New York Stock Exchange10.03
USD
- -
- -
CIK
0001822835
ISIN
US7226151014
CUSIP
722615101
Return %
Stock
S&P500
1Y
2.24
26.53
3Y
-3.93
76.60
5Y
-3.93
80.11
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 2455 East Sunrise Boulevard Fort Lauderdale FL United States of America 33304
- IPO Date
- Jan 7, 2021
- CIK
- 0001822835
- Website
- pineislandac.com
- Similar Companies
- Business
- Pine Island Acquisition Corp. is a special purpose acquisition company (SPAC) incorporated in 2020 and headquartered in Fort Lauderdale, Florida. The company is primarily engaged in effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Its targeted sectors include aerospace, defense, and government services. The company does not currently manufacture or sell products but serves as a blank check vehicle to acquire businesses in its focus industries. There have been no recent acquisitions or product launches by Pine Island Acquisition Corp itself since it functions mainly as an acquisition entity. The latest major company development is that Pine Island announced it will redeem its public shares and liquidate because it did not consummate an initial business combination within the required timeframe, leading to the winding down of operations as of October 2022. The company’s sponsor waived redemption rights for Class B shares, while the public shares were redeemed at around $10.04 per share. The company was delisted from the New York Stock Exchange following this decision. Prior to this, Pine Island Capital Partners (a related private equity group) successfully completed acquisitions such as Precinmac, a precision machining business in aerospace and defense, but these acquisitions are separate from Pine Island Acquisition Corp’s SPAC activities. Pine Island Acquisition Corp’s business model is typical of SPACs formed for raising capital through IPOs to identify and acquire a suitable target company within a designated timeframe, focusing on aerospace, defense, and government service industries in the United States. The company’s activities mostly involve capital market transactions rather than direct operations or product offerings. Thus, as of the most recent public information, Pine Island Acquisition Corp remains a defunct SPAC following its liquidation and share redemption, without active product or service offerings beyond the legacy of its acquisition intents within its specified industry focus.
Pine Island Acquisition Corp. Announces It Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination
Pine Island Acquisition Corp. Announces Receipt of Continued Listing Notice From NYSE Relating to the Impact of Recent SEC Guidance on Accounting for Warrants
Pine Island Acquisition Corp. Announces the Separate Trading of Its Class A Common Stock and Warrants, Commencing on January 7, 2021