Standard SPAC IPO filing with no target identified yet. Monitor for Form 8-K filings announcing a definitive business combination agreement within the 18-month window. The SPAC's focus on FIG sector (banks, specialty finance, fintech) provides thematic context. Units (PTACU) will trade until separation of shares and warrants post-business combination. Risk: if no deal is completed, trust proceeds return to public shareholders.
Price Chart
Executive Summary
Patriot Acquisition Corp., a blank-check SPAC, consummated its IPO on May 18, 2026, selling 16,000,000 units at $10.00/unit for gross proceeds of $160,000,000, and a concurrent private placement of 5,200,000 warrants to the sponsor and underwriter for $5,200,000. On May 21, 2026, the underwriters partially exercised the over-allotment option for 1,500,000 additional units ($15,000,000 gross), resulting in total trust account deposits of $175,875,000. This 8-K files the audited balance sheet reflecting these events; the SPAC has an 18-month window to complete an initial business combination, targeting the financial and business services sector.
Key Facts
- IPO closed May 18, 2026: 16,000,000 units at $10.00/unit, gross proceeds $160,000,000.
- Each unit consists of one Class A ordinary share and one-half of one redeemable warrant (exercise price $11.50/share).
- Private placement of 5,200,000 warrants to sponsor (4,140,000) and KBW (1,060,000) at $1.00/warrant, grossing $5,200,000.
- On May 21, 2026, partial over-allotment exercise: 1,500,000 additional units ($15,000,000) and 75,000 additional private placement warrants ($75,000).
- Total trust account proceeds: $175,875,000 ($10.05 per public share redemption value).
- Company has 18 months (until November 18, 2027) to complete an initial business combination, targeting financial and business services (FIG sector).
- Transaction costs: $9,520,840 (cash underwriting fee $1,920,000, deferred underwriting fee $6,400,000, other costs $1,200,840).
- Sponsor holds 4,600,000 founder shares (Class B); 375,000 shares no longer subject to forfeiture after partial over-allotment.
Financial Impact
Total trust account of $175,875,000 provides approximately $10.05 per share redemption value for 17,500,000 public shares (16M IPO + 1.5M over-allotment). Net cash to SPAC for working capital is $1,689,070 as of May 18, 2026.
Risk Factors
- No target identified — 18-month deadline for business combination; failure leads to liquidation at ~$10.05/share.
- Standard SPAC execution risk: finding suitable target at appropriate valuation within timeframe.
- Sponsor indemnification of trust account may be insufficient (sponsor's only assets are company securities).
- Warrant overhang: 13,200,000 warrants exercisable at $11.50 post-deal create potential dilution.
- Geopolitical/macro risks cited may delay or complicate target search.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-060594 |
| Document: ea0292024-8k_patriot.htm | 0001213900-26-060594 |
| Document: 0001213900-26-060594-index-headers.html | 0001213900-26-060594 |
| Document: 0001213900-26-060594-index.html | 0001213900-26-060594 |
| Document: 0001213900-26-060594.txt | 0001213900-26-060594 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 8, 2026 20w ago | 8-K | $10.00 $10.02 | ▲ +0.20% | ▼ −1.43% | $10.08 (+0.80%) |
May 22, 2026 22w ago | 8-K | $10.01 $9.98 | ▼ −0.30% | ▲ +1.65% | $10.08 (+0.70%) |
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