Pine Tree Acquisition Corp. lists Yan Zhang as a director in an initial ownership report.
The Form 3 lists director Yao Guo as a reporting person for Pine Tree Acquisition Corp. (PAXGU), with no reported transactions.
Pine Tree Acquisition Corp. (PAXGU) identifies Wei Qian as a director and as CEO and CFO in an initial beneficial ownership filing. The reported data contains no transaction or holdings entries.
Pine Tree Acquisition Corp. proposes an initial public offering of 10,000,000 units for $100,000,000 at $10.00 per unit, to begin as soon as practicable after the registration statement becomes effective. Each unit includes one Class A ordinary share and one right to receive three-fourths of a Class A ordinary share when an initial business combination closes. The underwriters have a 45-day option to purchase up to 1,500,000 additional units to cover over-allotments.
The blank-check company has conducted no operations and generated no revenue; it seeks a merger or similar business combination. At closing, it expects $100,000,000 to be placed in trust, or $115,000,000 if the underwriters exercise the over-allotment option in full. Public holders may redeem shares for cash in connection with a business combination; if none is completed within 12 months from the offering’s closing, the company will redeem 100% of public shares, subject to the prospectus terms. If it seeks shareholder approval without using tender-offer redemptions, a public shareholder and its affiliates or group may not redeem more than 15% of the shares sold in the offering without company consent. The prospectus identifies potential dilution from founder-share conversion adjustments and conflicts tied to management members’ obligations to other entities.
Pine Tree Acquisition Corp. (PAXGU) is registering an initial public offering of 10,000,000 units at $10.00 each, an aggregate offering of $100,000,000. Each unit includes one Class A ordinary share and one right to receive one-third of a Class A share when a business combination closes; three rights are needed for one whole share. Sales may not begin until the registration statement is effective.
Underwriters may purchase up to 1,500,000 additional units during a 45-day option period. Pine Tree Sponsor Group, LLC and North Penn, LLC have committed to buy 140,000 private placement units at $10.00 each, or $1,400,000, at the offering closing. The company says $100.0 million will be deposited in a U.S.-based trust, or $115.0 million if the option is exercised in full. Public shareholders may redeem shares for cash upon a business combination.
The blank-check company has no operations or revenues and must complete a business combination within 12 months after the offering closes; it may seek shareholder approval for an extension. If it does not complete a business combination within the required period, it will redeem 100% of public shares from the trust, subject to applicable terms. The company states that founder shares acquired by Pine Tree Sponsor Group, LLC for $25,000 cause immediate, substantial dilution to public shareholders.