Pine Tree Acquisition Corp. has filed a Form 8-K announcing the consummation of its initial public offering (IPO) and related private placement. The blank check company sold 10,000,000 units at a price of $10.00 per unit, generating gross proceeds of $100,000,000. Each unit consists of one Class A ordinary share and one right to receive three-fourths of one Class A ordinary share upon the completion of a business combination. The underwriters were granted a 45-day option to purchase up to an additional 1,500,000 units to cover over-allotments.
Simultaneously with the IPO, the company completed a private placement of 140,000 units to its sponsors, Pine Tree Sponsor Group, LLC and North Penn, LLC, at $10.00 per unit. This private placement raised $1,400,000 in gross proceeds. The sponsors agreed not to transfer or sell these units until 30 days after the business combination is completed.
As of October 7, 2026, the company reported total assets of $100,669,409. This figure includes $100,000,000 held in a trust account for the benefit of public shareholders and $648,140 in cash and cash equivalents. The company reported total liabilities of $308,129, primarily consisting of accounts payable, accrued expenses, a promissory note to a related party, and an over-allotment option liability. The company reported no operating revenues and has not commenced any operations or selected a target business.
The company’s balance sheet as of October 7, 2026, was audited by Aloba, Awomolo & Partners. The auditors issued an opinion that the balance sheet presents fairly, in all material respects, the financial position of the company. The company has elected to recognize changes in redemption value immediately as they occur, classifying the Class A ordinary shares as temporary equity until a redemption event occurs.
