Patriot Acquisition (NASDAQ: PTACU) boosts IPO to 17.5M units after over-allotment
Rhea-AI Filing Summary
Patriot Acquisition Corp. reports that the underwriter partially exercised its over-allotment option, leading to the sale of an additional 1,500,000 units at $10.00 per unit for gross proceeds of $15,000,000. This follows the company’s initial public offering of 16,000,000 units at $10.00 per unit, which raised $160,000,000.
The company also sold 5,200,000 private placement warrants at $1.00 each at the IPO closing and a further 75,000 private placement warrants in connection with the over-allotment, adding $75,000. After these transactions, $175,875,000 was placed in the trust account, and total units sold in the offering reached 17,500,000 with gross proceeds of $175,000,000 before fees.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Initial IPO units: 16,000,000 units
IPO gross proceeds: $160,000,000
Over-allotment units: 1,500,000 units
+5 more
8 metrics
Initial IPO units
16,000,000 units
Units sold in initial public offering at $10.00 per unit
IPO gross proceeds
$160,000,000
Gross proceeds from initial 16,000,000 units sold
Over-allotment units
1,500,000 units
Additional units sold upon partial exercise of over-allotment option at $10.00
Over-allotment proceeds
$15,000,000
Gross proceeds from 1,500,000 over-allotment units
Total units sold
17,500,000 units
Total units sold in the offering after partial over-allotment exercise
Total gross proceeds
$175,000,000
Total gross proceeds before underwriting discounts and expenses
Trust account balance
$175,875,000
Amount held in trust account after over-allotment and additional warrants
Warrant exercise price
$11.50 per share
Exercise price for each whole redeemable warrant
Key Terms
over-allotment option, Private Placement Warrants, blank check company, trust account, +1 more
5 terms
over-allotment option financial
"partially exercised the Over-Allotment Option for 1,500,000 Units"
An over-allotment option is a special agreement that allows underwriters to sell more shares than initially planned if demand is high. Think of it like a retailer offering extra units of a popular product to meet additional customer interest. This option helps ensure the full sale is completed and can also give investors extra shares if they want more.
Private Placement Warrants financial
"the Company completed the private sale of an aggregate of 5,200,000 Warrants (the “Private Placement Warrants”)"
Private placement warrants are tradable coupons given directly to a limited group of investors that let the holder buy a company's shares at a fixed price before a set expiration date. They matter to investors because they can provide extra upside if the stock rises and give companies a way to raise money outside a public offering, but they also can increase the number of shares outstanding (dilution) and therefore affect share value and investor returns.
blank check company financial
"The Company is a blank check company formed for the purpose of completing a merger"
A blank check company is a publicly listed shell that raises money from investors before naming a specific business to buy or merge with, similar to handing a cashier a signed check and asking them to fill in the payee later. It matters to investors because it offers a faster, often cheaper path for private firms to become public, but carries extra risk since returns depend on the organizers’ ability to find a good deal and on limited information about the future business.
trust account financial
"resulting in a total of $175,875,000 held in the trust account"
A trust account is a special bank or brokerage account where assets are held and managed by a designated person or firm (the trustee) for the benefit of another person or group (the beneficiary). It matters to investors because it separates assets from personal or corporate funds, can protect assets, control how and when money is used, and may affect tax or legal rights—think of it as a locked drawer opened only under agreed rules.
forward-looking statements regulatory
"This press release contains statements that constitute “forward-looking statements,”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Patriot Acquisition Corp. (PTACU) announce in this 8-K?
Patriot Acquisition Corp. announced the closing of the underwriter’s partial exercise of its over-allotment option, resulting in the sale of 1,500,000 additional units at $10.00 per unit. This increased total units sold in the offering to 17,500,000 and gross proceeds to $175,000,000 before fees.
How much capital has Patriot Acquisition Corp. (PTACU) raised through its IPO and over-allotment?
The company raised $160,000,000 from its initial sale of 16,000,000 units and approximately $15,000,000 from 1,500,000 over-allotment units. Together, these transactions generated total gross proceeds of $175,000,000 before underwriting discounts and estimated offering expenses, strengthening the company’s cash resources.
What is the structure and exercise price of Patriot Acquisition Corp. (PTACU) units and warrants?
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share. No fractional warrants are issued; only whole warrants will trade separately.
How much money is in Patriot Acquisition Corp.’s (PTACU) trust account after these transactions?
Following the sale of the over-allotment units and additional private placement warrants, Patriot Acquisition Corp. placed $15,075,000 into its trust account, bringing the total balance to $175,875,000. These funds are intended to support the company’s future business combination activities as a blank check company.
What private placement warrants did Patriot Acquisition Corp. (PTACU) issue in connection with its IPO?
At the IPO closing, the company sold 5,200,000 private placement warrants at $1.00 each to its sponsor and Keefe, Bruyette & Woods. On the over-allotment closing, it issued an additional 75,000 private placement warrants to the underwriter, generating another $75,000 in gross proceeds under a private offering exemption.
What is Patriot Acquisition Corp.’s (PTACU) business purpose following its IPO?
Patriot Acquisition Corp. is a blank check company formed to complete a business combination such as a merger or share exchange. It intends to focus on financial industry group opportunities, especially fee-based fintech, specialty finance, and digital banking, but may pursue targets in any sector or stage.