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