Pine Technology Acquisition Corp. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
UNITED
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name
of each exchange on which registered | ||
Class A common stock, $0.0001 par value, and one-third of one warrant |
The Stock Market LLC | |||
| The Stock Market LLC | ||||
| The
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 8.01 Other Events
On March 9, 2023, the board of directors of Pine Technology Acquisition Corp. (the “Company”) determined that the Company will not be able to consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation (the “Charter”). Accordingly, the Company will dissolve and liquidate pursuant to the terms of the Charter, effective as of the close of business on March 10, 2023, and will redeem all of the outstanding shares of Class A common stock, par value $0.0001, that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $10.17, after taking into account the removal of a portion of the accrued interest in the trust account to pay taxes and for dissolution expenses.
As of the close of business on March 10, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.
To provide for the disbursement of funds from the trust account, the Company has instructed Continental Stock Transfer & Trust Company, the trustee of the trust account (“Continental”), to take all necessary actions to liquidate the securities held in the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days following March 10, 2023.
The Company’s sponsor has agreed to waive its redemption rights with respect to its outstanding shares of Class B common stock issued prior to the Company’s initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
The Company expects that the Nasdaq Stock Market will file a Form 25 with the Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Pine Technology Acquisition Corp. | |||
| Date: March 9, 2023 | By: | /s/ Ciro M. DeFalco | |
| Name: | Ciro M. DeFalco | ||
| Title: | Chief Financial Officer | ||
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