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AmTrust CEO-backed SPAC files for $ 300 million IPO



(Reuters) – A blank check company, backed by AmTrust Financial Services Inc. CEO Barry Zyskind, wants to raise $ 300 million through an IPO, a statutory application showed on Friday.

Pine Technology Acquisition Corp. said it plans to sell 30 million units, consisting of shares and warrants, priced at $ 10 per share on the Nasdaq Capital Market.

The specialty acquisition company or SPAC, founded by current and former senior executives of New York City-based insurer AmTrust, plans to look for targets in the insurtech sector.

The COVID-19 pandemic has increased the insurance industry's dependence on technology to reach customers, focusing on companies such as Lemonade Inc.

SPAC is a shell company that raises money through an IPO to acquire a private company that becomes public as a result of the merger.

By the end of last week, at least 1

44 US blank check companies had raised nearly $ 45.7 billion by 2021, according to data from SPAC Research.

Pine Technology will be traded under the ticker symbol "PTOC" on Nasdaq. Cantor Fitzgerald & Co is the only book runner for the offer. Catalog

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