Pioneer Acquisition I Corp ownership update: a group of Westchester-related advisers filed a joint Schedule 13G reporting combined beneficial holdings in the issuer's Class A ordinary shares. The filing lists 1,248,504 shares held by Westchester Capital Management, LLC and related entities, representing 5.65% of the class based on 22,114,799 shares outstanding as of March 26, 2026.
The filing discloses that Virtus Investment Advisers, LLC reports 1,152,746 shares (5.21%) with shared voting and dispositive power, while Westchester Capital Partners, LLC reports 10,108 shares (0.05%). The statement notes potential group status under Section 13(g)(3) but says filing is not an admission of a group.
Positive
None.
Negative
None.
Insights
Consolidated passive stake disclosure from Westchester/Virtus group.
The filing documents beneficial ownership levels: 1,248,504 shares attributed to Westchester Capital Management, LLC and affiliates, equating to 5.65% of the Class A shares based on March 26, 2026 outstanding figures. The disclosure separates sole versus shared voting and dispositive powers.
Timing and cash‑flow treatment are not described in the excerpt; subsequent filings would show any transaction activity. The filing preserves a conservative compliance posture by noting potential group treatment under Section 13(g)(3) without admission.
Filing aligns with passive investor reporting obligations and lists voting/disposition breakdowns.
The statement identifies the reporting persons, their advisory relationships to the listed funds, and precise allocation of sole and shared voting/dispositive powers (e.g., Westchester sole vote 95,758; shared vote 1,152,746).
The filing notes that the Funds directly hold the shares for investors and that Westchester/WCP often trade on the same terms; it also preserves legal caution regarding "group" status as required by disclosure rules.
Key Figures
Shares outstanding:22,114,799 sharesWestchester total holdings:1,248,504 sharesWestchester ownership percent:5.65%+5 more
8 metrics
Shares outstanding22,114,799 sharesas of March 26, 2026
Westchester total holdings1,248,504 sharesBeneficially owned by Westchester Capital Management, LLC (filed on Schedule 13G)
Westchester ownership percent5.65%Percent of Class A ordinary shares based on 22,114,799 outstanding
Virtus holdings1,152,746 sharesBeneficially owned by Virtus Investment Advisers, LLC
Virtus ownership percent5.21%Percent of Class A ordinary shares based on 22,114,799 outstanding
WCP holdings10,108 sharesBeneficially owned by Westchester Capital Partners, LLC
WCP ownership percent0.05%Percent of Class A ordinary shares based on 22,114,799 outstanding
Westchester sole voting power95,758 sharesSole power to vote as disclosed by Westchester Capital Management, LLC
"Amount beneficially owned: Westchester Capital Management, LLC: 1,248,504"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared dispositive powerregulatory
"Shared Dispositive Power 1,152,746.00"
Section 13(g)(3)regulatory
"may be deemed to constitute a "group" for purposes of Section 13(g)(3) of the Act"
Schedule 13Gregulatory
"This statement is being filed jointly by the following (each, a "Reporting Person")"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
What stake does Westchester report in Pioneer Acquisition I Corp (PACH)?
The filing reports Westchester Capital Management, LLC and affiliates hold 1,248,504 shares, equal to 5.65% of Class A shares based on 22,114,799 shares outstanding as of March 26, 2026. It separates sole and shared voting/dispositive powers.
How many shares does Virtus Investment Advisers report owning in PACH?
Virtus Investment Advisers, LLC reports beneficial ownership of 1,152,746 shares, representing 5.21% of the Class A shares based on the same outstanding share figure dated March 26, 2026. The filing shows this stake as held with shared voting/dispositive power.
Does the filing state the shares are held for specific funds?
Yes. The filing states the shares are held directly by several named funds, including The Merger Fund, EDF, CEF, and others, for the benefit of investors in those funds, with Westchester and WCP acting as advisers or sub‑advisers.
Does the Schedule 13G say the parties are acting as a group?
The filing notes the described relationships "may be deemed to constitute a 'group' for purposes of Section 13(g)(3)" but explicitly states that the filing "shall not be construed as an admission" that they are or have agreed to act as a group.
What outstanding share figure does the filing use to calculate percentages?
Percentages are calculated using 22,114,799 shares outstanding as of March 26, 2026, as reported in the issuer's Annual Report on Form 10‑K filed on that date.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Pioneer Acquisition I Corp
(Name of Issuer)
Class A ordinary shares, $0.0001 par value per share
(Title of Class of Securities)
G7117W107
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G7117W107
1
Names of Reporting Persons
Westchester Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
95,758.00
6
Shared Voting Power
1,152,746.00
7
Sole Dispositive Power
95,758.00
8
Shared Dispositive Power
1,152,746.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,248,504.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.65 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 22,114,799 Shares outstanding as of March 26, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2026.
SCHEDULE 13G
CUSIP Number(s):
G7117W107
1
Names of Reporting Persons
Westchester Capital Partners, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,108.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
10,108.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,108.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.05 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 22,114,799 Shares outstanding as of March 26, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2026.
SCHEDULE 13G
CUSIP Number(s):
G7117W107
1
Names of Reporting Persons
Virtus Investment Advisers, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,152,746.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,152,746.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,152,746.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.21 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: * Based on 22,114,799 Shares outstanding as of March 26, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2026.
The amounts reported on this page are also included in the amounts reported by Westchester Capital Management, LLC on this Schedule 13G.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Pioneer Acquisition I Corp
(b)
Address of issuer's principal executive offices:
131 Concord Street, Brooklyn, NY 11201
Item 2.
(a)
Name of person filing:
This statement is being filed jointly by the following (each, a "Reporting Person," and collectively, the "Reporting Persons"): Westchester Capital Management, LLC ("Westchester"), a Delaware limited liability company, Westchester Capital Partners, LLC ("WCP"), a Delaware limited liability company, and Virtus Investment Advisers, LLC ("Virtus"), a Delaware limited liability company.
Virtus, a registered investment adviser, serves as the investment adviser to The Merger Fund ("MF"), The Merger Fund VL ("MF VL"), Virtus Westchester Event-Driven Fund ("EDF") and Virtus Westchester Credit Event Fund ("CEF"). Westchester, a registered investment adviser, serves as sub-advisor to each of MF, MF VL, EDF, CEF, JNL/Westchester Capital Event Driven Fund ("JNL"), JNL Multi-Manager Alternative Fund ("JARB") and Principal Funds, Inc. - Global Multi-Strategy Fund ("PRIN"). WCP, a registered investment adviser, serves as investment adviser to Westchester Capital Master Trust ("Master Trust", together with MF, MF VL, EDF, CEF, JNL, JARB and PRIN, the "Funds"). The Funds directly hold Ordinary Shares of the Company for the benefit of the investors in those Funds. Mr. Roy Behren and Mr. Michael T. Shannon each serve as Co-Presidents of Westchester and WCP.
Westchester and WCP often make acquisitions in, and dispose of, securities of an issuer on the same terms and conditions and at the same time. Based on the foregoing and the relationships described herein, these parties may be deemed to constitute a "group" for purposes of Section 13(g)(3) of the Act. The filing of this statement shall not be construed as an admission that the Reporting Persons are a group, or have agreed to act as a group.
(b)
Address or principal business office or, if none, residence:
Westchester Capital Management, LLC
100 Summit Lake Drive, Valhalla, NY 10595
Westchester Capital Partners, LLC
100 Summit Lake Drive, Valhalla, NY 10595
Virtus Investment Advisers, LLC
One Financial Plaza, Hartford, CT 06103
(c)
Citizenship:
Each of Westchester, WCP and Virtus are organized under the laws of the State of Delaware.
(d)
Title of class of securities:
Class A ordinary shares, $0.0001 par value per share
(e)
CUSIP Number(s):
G7117W107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Westchester Capital Management, LLC: 1,248,504
Westchester Capital Partners, LLC: 10,108
Virtus Investment Advisers, LLC: 1,152,746
(b)
Percent of class:
Westchester Capital Management, LLC: 5.65%
Westchester Capital Partners, LLC: 0.05%
Virtus Investment Advisers, LLC: 5.21%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Westchester Capital Management, LLC: 95,758
Westchester Capital Partners, LLC: 10,108
Virtus Investment Advisers, LLC: 0
(ii) Shared power to vote or to direct the vote:
Westchester Capital Management, LLC: 1,152,746
Westchester Capital Partners, LLC: 0
Virtus Investment Advisers, LLC: 1,152,746
(iii) Sole power to dispose or to direct the disposition of:
Westchester Capital Management, LLC: 95,758
Westchester Capital Partners, LLC: 10,108
Virtus Investment Advisers, LLC: 0
(iv) Shared power to dispose or to direct the disposition of:
Westchester Capital Management, LLC: 1,152,746
Westchester Capital Partners, LLC: 0
Virtus Investment Advisers, LLC: 1,152,746
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
