This is a standard SPAC IPO with no target identified. Monitor for any business combination announcements, which could trigger significant volatility. The sponsor's 4.6M founder shares represent a potential 20% economic interest post-IPO, providing alignment incentives. The 24-month deadline (May 2028) is the key timeline.
Price Chart
Executive Summary
Patriot Acquisition Corp. (PTAC) has completed its IPO of 16,000,000 units at $10.00/unit, with gross proceeds of $160M placed in trust, alongside a private placement of 5,200,000 placement warrants to the sponsor and underwriter at $1.00/warrant, providing ~$5.2M in additional capital. The company concurrently adopted amended governing documents to reflect the IPO terms and structure, and appointed its initial board of directors pursuant to the classified board structure under the new charter. This filing marks the creation of a SPAC with 24 months to complete a business combination.
Key Financial Metrics
Key Facts
- IPO of 16,000,000 units at $10.00/unit, each consisting of one Class A ordinary share + one-half redeemable warrant
- Underwriters' over-allotment option for up to 2,400,000 additional units (45 days)
- $160,800,000 from IPO proceeds deposited into trust account
- Private placement: 5,200,000 placement warrants at $1.00/warrant to sponsor (4,140,000) and underwriter (1,060,000, increasing to 1,180,000 if over-allotment exercised)
- $1,730,000 of IPO and private placement proceeds available outside trust for working capital
- Sponsor holds 4,600,000 founder shares (Class B), subject to lock-up and forfeiture if over-allotment not exercised in full
- Deadline for initial business combination is 24 months from IPO consummation
- Amended and restated memorandum and articles of association adopted May 12, 2026, effective May 14, 2026
Financial Impact
Gross IPO proceeds of $160M deposited in trust; private placement proceeds of $5.2M; ~$1.7M available for working capital outside trust
Risk Factors
- No identified business combination target — risk of failing to find a suitable acquisition within 24 months
- Potential future dilution from warrant exercises (11.5M+ shares underlying public and placement warrants)
- Sponsor lock-up and forfeiture provisions may create volatility near business combination vote
- Deferred underwriting commission of $6.4M+ payable from trust upon business combination reduces cash available for target
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-058517 |
| Document: ea029122801ex1-1.htm | 0001213900-26-058517 |
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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