Pine Tree Acquisition Corp. said on October 7, 2026, that it completed its initial public offering of 10,000,000 units priced at $10.00 per unit. The offering produced gross proceeds to the company of $100,000,000.
#Offering structure and Nasdaq listing
The units trade on the Nasdaq Global Market under the symbol “PAXGU.” Each unit contains one Class A ordinary share and one right. Subject to adjustment, the right entitles its holder to receive three-fourths (3/4) of one Class A ordinary share when the company completes an initial business combination.
After the securities begin trading separately, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “PAXG” and “PAXGR,” respectively.
#Trust account and business purpose
An aggregate of $100,000,000 from the net proceeds of the offering and a simultaneous private placement of units was placed in trust.
Pine Tree Acquisition Corp. is a Cayman exempt company formed as a blank check company. Its stated purpose is to pursue a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or another similar business combination with one or more businesses or entities.
Wei Qian serves as the company’s Chairman of the Board and Chief Executive Officer.
#Underwriter option and registration
Maxim Group LLC acted as lead book-running manager for the offering. The company granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units at the initial offering price to cover over-allotments, if any.
The Securities and Exchange Commission declared the company’s registration statement on Form S-1, SEC File No. 333-292289, effective on October 5, 2026. The offering was made only through a prospectus.
#Risk and legal disclosures
The company said no assurance can be given that the offering’s net proceeds will be used as described in the prospectus. It also stated that its forward-looking statements are subject to numerous conditions, including matters beyond the company’s control and those described in the Risk Factors section of its registration statement and prospectus.
The company said it undertakes no obligation to update those statements for revisions or changes after the date of the release, except as required by law. The announcement also stated that it does not constitute an offer to sell or a solicitation of an offer to buy the securities, and that no sale may occur in any state or jurisdiction where such activity would be unlawful before registration or qualification under applicable securities laws.
The transaction also carries further terms set out in the company’s prospectus, registration statement and related offering documents.
#Key Takeaways
- Pine Tree Acquisition Corp. completed an initial public offering of 10,000,000 units at $10.00 per unit.
- The offering generated gross proceeds of $100,000,000, while an aggregate of $100,000,000 from the offering and a simultaneous private placement was placed in trust.
- The units trade on Nasdaq under “PAXGU”; the separate shares and rights are expected to use “PAXG” and “PAXGR.”
- Each unit includes one Class A ordinary share and a right to receive three-fourths (3/4) of one Class A ordinary share upon an initial business combination, subject to adjustment.
- The underwriters received a 45-day option to purchase up to an additional 1,500,000 units at the initial offering price for over-allotments, if any.
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