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Pine Island Acquisition Corp. announced receiving a non-compliance notice from the NYSE due to delays in filing its Q1 2021 Form 10-Q. This delay stems from the company's need to comply with recent SEC guidance on warrant accounting. Despite this notice, the company's securities remain listed on the NYSE. The NYSE has provided a six-month compliance deadline from May 25, 2021, allowing the company to regain compliance by filing the report. If additional time is needed, the NYSE may grant an extension.
Pine Island Acquisition Corp. (NYSE: PIPP.U) announced that starting January 7, 2021, holders of Units from its IPO may separate and trade shares of Common Stock (PIPP) and Warrants (PIPP WS) individually on the NYSE. Units not separated will continue trading under the ticker PIPP.U. The Company, formed as a special purpose acquisition entity, aims to pursue business combinations primarily in the defense, government service, and aerospace sectors. This release also includes forward-looking statements without guarantees for future business combinations.