Pine Tree Acquisition Corp. announced on October 15, 2026, that it completed the sale of 600,000 additional units pursuant to the partial exercise of its over-allotment option. This transaction generated $6 million in gross proceeds for the company.

The units were sold at $10.00 each to Maxim Group LLC, acting as the underwriter and sole book-running manager for the initial public offering. The company had granted Maxim Group a 45-day option to purchase up to an additional 1,500,000 units at the initial offering price to cover potential over-allotments.

Trust account funding details

Following this closing, the aggregate amount placed in trust from the IPO and a simultaneous private placement of units totals $106 million. The company is a Cayman exempt company formed as a blank check company for the purpose of entering into a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination.

Security structure and listing

The company's units are listed on the Nasdaq Global Market under the ticker symbol "PAXGU." Each unit consists of one Class A ordinary share and one right entitling its holder to receive three-fourths (3/4) of one Class A ordinary share upon the consummation of an initial business combination, subject to adjustment. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols "PAXG" and "PAXGR," respectively.

What the numbers show

The data indicates that Pine Tree exercised only 40% of its available over-allotment capacity. With 600,000 units sold out of the maximum 1,500,000 available under the option, the company secured $6 million in incremental capital while leaving room for further dilution or capital raising if market conditions permit future exercises within the 45-day window.

Pine Tree Acquisition Corp. priced its initial public offering of 10,000,000 units at $10.00 per unit, raising a total of $100 million. The special purpose acquisition company expects its units to begin trading on the Nasdaq Global Market on October 6, 2026.

Each unit comprises one Class A ordinary share and one right entitling the holder to receive three-fourths of one Class A ordinary share upon the consummation of an initial business combination, subject to adjustment. This structure provides investors with additional equity exposure contingent on the completion of a merger or acquisition.

Listing details and tickers

The company’s units are scheduled to list on the Nasdaq Global Market under the ticker symbol "PAXGU." Once the securities comprising the units begin separate trading, the components will be listed under distinct symbols to facilitate individual trading of shares and rights.

What the Numbers Show

The pricing at $10.00 per unit represents a standard valuation benchmark for SPACs, aligning with typical initial trust account funding structures. The inclusion of rights convertible into three-fourths of a share upon business combination completion introduces a dilutive element for future shareholders but serves as an incentive for early investors in the IPO.