Item 1.01. Entry into a Material Definitive Agreement.
The disclosure contained in Item 2.03 hereof is incorporated by reference in
this Item 1.01.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
On April 14, 2022, Pine Island Acquisition Corp. (the "Company") issued an
unsecured amended and restated promissory note (the "Note") in the amount of up
to $600,000 to Pine Island Sponsor LLC. Pine Island Sponsor LLC is the Company's
sponsor and is affiliated with Pine Island Capital Partners, which is a private
equity firm of which John A. Thain, the Company's Chairman of the Board, is a
co-founder and is the Chairman of the Investment Committee, and Philip A.
Cooper, the Chief Executive Officer and a director of the Company, is a
co-founder and managing partner, and Charles G. Bridge, Jr., the Company's Chief
Financial Officer. The Company may request, from time to time, drawdowns under
the Note to be used to fund the Company's working capital requirements. As of
April 15, 2022, the Company had $487,000 outstanding under the Note. The Note
bears no interest and is repayable in full upon the earlier to occur of (i)
November 19, 2022 and (ii) the date on which the Company consummates a business
combination. The Company may prepay the principal balance under the Note at any
time at its election and without penalty. The Note is subject to customary
events of default, the occurrence of which, in certain instances, would
automatically trigger the unpaid principal balance of the Note and all other
sums payable with regard to the Note becoming immediately due and payable.
The foregoing description is qualified in its entirety by reference to the Note,
a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 Promissory Note, dated April 14, 2022, issued by Pine Island Acquisition
Corp. to Pine Island Sponsor LLC
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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