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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