FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Pine Island Acquisition Corp. (the “Company”) today announced that the underwriters of its previously announced initial public offering of 20,000,000 units, which closed on November 19, 2020, have partially exercised their option to purchase additional units, resulting in the issuance of an additional 1,838,800 units at a public offering price of $10.00 per unit. After giving effect to the partial exercise and close of the option, an aggregate of 21,838,800 units have been issued in the initial public offering and an aggregate of $218,388,000 has been deposited into the Company’s trust account. The underwriters have until December 31, 2020 to exercise the remainder of their option to purchase additional units.
Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A