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.
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The Securities and Exchange Commission today charged international insurance company AmTrust Financial Services Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves. They have agreed to pay a combined $10.5 million to settle the SEC’s charges.