A blank-check firm, backed by AmTrust Financial Services Chief Executive Officer Barry Zyskind, is looking to raise $300 million through an initial public offering, a showed on Friday.
Pine Technology Acquisition Corp. said it plans to sell 30 million units, made up of shares and warrants, priced at $10 per share on the Nasdaq Capital Market.
The special purpose acquisition company (SPAC), founded by current and former senior executives of New York City-based insurer AmTrust, plans to look for targets in the so-called insurance technology, or “insurtech” sector.
The COVID-19 pandemic has increased the insurance sector’s reliance on technology to reach customers, putting the focus on companies such as Lemonade Inc.
SPACs are shell companies that raise funds through an IPO to acquire a private company, which becomes public as a result of the merger.
By the end of last week, at least 144 U.S. blank-check firms had raised nearly $45.7 billion in 2021, according to data from SPAC Research.
Pine Technology will trade under the ticker symbol “PTOC” on the Nasdaq. Cantor Fitzgerald & Co. is the sole bookrunner for the offering.
(Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni)
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