Pine Tree Acquisition, a blank check company led by a climate tech financial advisory executive, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive three-fourths of a share upon the completion of an initial business combination.
Pine Tree Acquisition is led by CEO, CFO, and Chairman Wei Qian, the Director of Capital Markets of Fusion Park, a climate tech strategic and financial advisory services firm. He also serves as the CEO of SPAC Piermont Valley Acquisition (OTC: CMCAF; +30% from $10 offer price), which has a pending merger agreement with online insurance platform Tigerless Health.
While the SPAC has not selected a target industry, it plans to focus on businesses with substantial opportunity for growth, a track record of profitability, and an enterprise value between $200 million and $2 billion, among other characteristics.
The Albany, NY-based company will trade on the Nasdaq under the symbol PAXGU. Maxim Group LLC acted as sole bookrunner on the deal.
