Patriot Acquisition, a blank check company targeting financial services, fintech, and community banking, raised $160 million by offering 16 million units at $10. Each unit consists of one share of common stock, and one-half of a warrant, exercisable at $11.50. The company offered 4 million fewer units than anticipated.
Patriot Acquisition is led by CEO and Chairman Jack Kopnisky, who is a Senior Partner at Patriot Financial Partners, and CFO Thomas Cestare, who is a partner at Partner at Patriot. The SPAC intends to target businesses in the financial services industry sector with a focus on pursuing targets in the specialty finance sector, particularly specialty lending companies with unique technology platforms who can generate loan volume digitally for commercial and consumer customers in an efficient manner, and fee-based fintech and payment companies. They will also consider investments in the community banking sector.
The Radnor, PA-based company will trade on the Nasdaq under the symbol PTACU. Keefe Bruyette Woods acted as sole bookrunner on the deal.
