AmTrust CEO-backed SPAC files for $300 million IPO

A blank-check firm, backed by AmTrust Financial Services Chief Executive Officer Barry Zyskind, is looking to raise $300 million through an initial public offering, a regulatory filing showed on Friday.

Pine Technology Acquisition Corp said it plans to sell 30 million units, made up of shares and warrants, priced at $10 per share on the Nasdaq Capital Market. The special purpose acquisition company (SPAC), founded by current and former senior executives of New York City-based insurer AmTrust, plans to look for targets in the insurtech sector.

By the end of last week, at least 144 US blank-check firms had raised nearly $45.7 billion in 2021, according to data fromSPAC Research. Pine Technology will trade under the ticker symbol “PTOC” on the Nasdaq. Cantor Fitzgerald & Co is the sole book runner for the offering.