Pinnacle Acquisition, a blank check company targeting commercial and consumer finance businesses, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock, and one right to receive a 1/8 of a share at the time of the business combination.
Pinnacle Acquisition is led by CEO and Chairman Steven Hudson, the CEO of Pinnacle Advisory and the former CEO of ECN Capital. He is joined by CFO Jack Schneider, the COO and CFO of Pinnacle Advisory. The SPAC intends to target commercial finance, consumer finance, and ancillary opportunities in financial services ecosystem, such as financial technology.
The Palm Beach, FL-based company will trade on the NYSE under the symbol PNAQ.U. Santander and CIBC World Markets acted as joint bookrunners on the deal.
