Pine Island Acquisition prices downsized $200M IPO

• Defense SPAC, Pine Island Acquisition (PIPP) has priced downsized initial public offering of 20M units at $10/unit.
• The company originally planned to offer 30M units before trimming the offering to 25M units last week.
• Trading commenced today on the New York Stock Exchange.
• Each unit consists of one share of Class A common stock and one-third of one redeemable warrant to purchase one share of Class A common stock at $11.50.
• Underwriters' over-allotment is an additional 3M units.
• The company plans to target defense, government service, and aerospace businesses, in line with Pine Island Capital Partners' strategy.