Monitor for the filing of the 8-K with audited balance sheet (required before separate trading of shares/warrants). Track any announcements regarding potential business combination targets in financial services, specialty finance, or fintech sectors. The 18-month deadline runs from May 14, 2026.
Executive Summary
Patriot Acquisition Corp. (PTAC) has completed its IPO of 16,000,000 units at $10.00 per unit, raising $160,000,000 in gross proceeds. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. The net proceeds of $160,800,000 ($10.05 per unit) will be placed in a trust account to fund a future business combination, with the SPAC targeting financial services sector companies. The offering closed on May 14, 2026, with Keefe, Bruyette & Woods as sole book-running manager.
Key Financial Metrics
Key Facts
- 16,000,000 units sold at $10.00 per unit, raising $160,000,000 in gross proceeds
- Each unit consists of one Class A ordinary share and one-half of one redeemable warrant (exercise price $11.50 per share)
- $160,800,000 deposited into trust account ($10.05 per unit)
- Underwriters have 45-day option to purchase up to an additional 2,400,000 units
- Sponsor and KBW committed to purchase 5,200,000 private placement warrants at $1.00 each ($5,200,000 total)
- 18-month deadline to complete initial business combination from closing date
- Nasdaq symbols: PTACU (units), PTAC (Class A shares), PTACW (warrants)
Financial Impact
Gross proceeds of $160,000,000 from IPO plus $5,200,000 from private placement warrants = $165,200,000 total gross proceeds. $160,800,000 deposited in trust account.
Risk Factors
- No target identified; risk of liquidation if no deal within 18 months
- Sponsor founder shares purchased at ~$0.005/share vs. $10.00 public offering price creates misaligned incentives
- Significant dilution potential from founder shares anti-dilution provisions and warrant exercise
- SPAC may be deemed an investment company under the Investment Company Act
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001213900-26-058156 |
| Document: 0001213900-26-058156-index-headers.html | 0001213900-26-058156 |
| Document: 0001213900-26-058156-index.html | 0001213900-26-058156 |
| Document: 0001213900-26-058156.txt | 0001213900-26-058156 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 6, 2026 16w ago | 8-K | $10.02 $9.93 | ▼ −0.90% | ▼ −0.33% | $9.99 (−0.30%) |
May 18, 2026 23w ago | 8-K | — | awaiting T+20 | — | — |
May 18, 2026 23w ago | 424B4 | — | awaiting T+20 | — | — |
US Market Status
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