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Patriot Acquisition Corp. completed its initial public offering of 16,000,000 units at $10.00 per unit, raising gross proceeds of $160,000,000. Each unit includes one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable at $11.50 per share.
The company also sold 5,200,000 Private Placement Warrants at $1.00 each to its sponsor and Keefe, Bruyette & Woods, and deposited $160,800,000 of IPO and private placement proceeds into a trust account. These funds will remain in trust until a business combination is completed or the SPAC is liquidated, generally within 18 months of the IPO closing.
Patriot Acquisition appointed a classified board with independent directors, formed audit and compensation committees, and entered into indemnification, lock-up, and registration rights agreements with directors. The SPAC intends to target financial industry businesses, including fintech, specialty finance, and digital banking, for its future business combination.
Patriot Acquisition Corp. is conducting an initial public offering of 16,000,000 units at $10.00 per unit for aggregate gross proceeds of $160,000,000. Each unit contains one Class A ordinary share and one-half warrant; only whole warrants are exercisable to buy one Class A share at $11.50. Approximately $160,800,000 will be placed in a U.S.-based trust account, and public shareholders may redeem their Class A ordinary shares for a pro rata portion of the trust account upon completion of an initial business combination. The sponsor purchased founder shares and will hold private placement warrants; sponsor and affiliates may receive compensation, reimbursement and could convert certain sponsor loans into warrants. The company has an 18-month completion window to effect an initial business combination and expects units to list on Nasdaq under "PTACU".