SPAC with ties to Biden Cabinet picks sees surge in support from Wall Street after offering ‘access’

SPAC with ties to Biden Cabinet picks sees surge in support from Wall Street after offering ‘access’

A company with ties to at least two people selected by Joe Biden for his Cabinet is seeing a surge in support from Wall Street players after pitching access to investors.Pine Island Acquisition Corp., a special purpose acquisition company, was first described in September to investors in a prospectus featuring its direct affiliation with the investment firm, Pine Island Capital Partners. The document was filed with the Securities and Exchange Commission as Biden surged in the polls ahead of President Donald Trump."We believe that with our access, network and expertise, we are well-suited to take advantage of the current and future opportunities present in the aerospace, defense and government services industries," the SEC filing said at the time.Pine Island's team includes Tony Blinken, Biden's choice to be secretary of State, and Ret. Gen. Lloyd Austin, his nominee for Defense secretary. Austin was listed on the original SPAC proposal, while Blinken was left off as he took a leave of absence from the firm when he joined the Biden campaign.Since the initial pitch, the SPAC has raised over $218 million. Records from November indicate that at least two big Wall Street players took ownership stakes in it.The SEC filings show that