Pine Island Acquisition Corp. announced that it will issue 5,333,333 warrants at a price of $1.50 pet warrant for gross proceeds of $8,000,000 on September 2, 2020. The transaction will include participation from returning investor, Pine Island Sponsor LLC. If the underwriter’s over-allotment option is exercised in full, the company may issue 5,933,333 warrants for gross proceeds of $8,900,000. Each warrant is exercisable to purchase one class A ordinary share at a price of $11.50 per share, subject to adjustment. The warrants will not be redeemable as long as they are held by the investor or its permitted transferees. The warrants will not be transferable, assignable or salable until 30 days after the completion of initial business combination.