SFTBY - SPAC Pine Technology gains on deal to take Tomorro.io public

SPAC Pine Technology Acquisition (NASDAQ:PTOC) rose almost 1% in premarket trading on a deal to take weather and climate security platform Tomorrow.io public in a transaction that will value the combined company at $1.2B. Tomorrow.io expects to receive up to $420M in gross proceeds from the deal, according to a statement. The transaction includes a $75M PIPE anchored by investors including Koch Strategic Platforms, National Grid Partners, JetBlue (NASDAQ:JBLU) Technology Ventures, SB Energy Corp., SoftBank Group’s Japanese (OTCPK:SFTBY) wholly-owned subsidiary. The deal is expected to close in the first half of next year. Proceeds from the deal are expected to fund growth and  product development for Tomorrow.io’s forecasting capabilities and planned launch of radar-equipped satellites. Tomorrow's clients include Uber Technologies, Ford Motor Company, Delta Airlines, JetBlue Airways, National Grid and the U.S. Air Force. Tomorrow's three founders all served 6-10 years in the Israeli military. PJT Partners is acting as sole financial advisor, and

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SPAC Pine Technology gains on deal to take Tomorro.io public