Patriot Acquisition Corp./CI 8-K

What Happened
Patriot Acquisition Corp. announced it consummated its IPO and subsequent over‑allotment exercise. The IPO closed on May 18, 2026 with 16,000,000 units sold at $10.00 per unit, and KBW (the underwriter) exercised part of its over‑allotment, increasing total issuance. The company also completed private placements of warrants to its sponsor and KBW. Final closings related to the over‑allotment and additional private placement occurred on May 21, 2026.

Key Details

• IPO: 16,000,000 units at $10.00 per unit, generating $160,000,000 gross proceeds (each unit = 1 Class A ordinary share + 1/2 warrant).
• Warrant terms: each whole warrant entitles holder to purchase one Class A ordinary share at $11.50 per share.
• Over‑allotment: KBW had a 45‑day option for up to 2,400,000 additional units and partially exercised 1,500,000 units (exercise announced May 20, 2026; closed May 21, 2026), generating $15,000,000 gross.
• Private placements: initially 5,200,000 private placement warrants sold at $1.00 each to the Sponsor and KBW; an additional 75,000 private placement warrants were sold to KBW for $75,000 on May 21, 2026. These private warrant sales were made under the Section 4(a)(2) exemption (no public offering).
• Trust account: an additional $15,075,000 (net proceeds from the over‑allotment units and additional private placement warrants) was deposited on May 21, 2026, bringing the trust account balance to $175,875,000.
• Press release announcing the over‑allotment exercise was filed as Exhibit 99.1 to the 8‑K.

Why It Matters
This filing confirms Patriot Acquisition completed its SPAC IPO and secured additional capital via the underwriter’s over‑allotment and private warrant sales, bringing the company’s trust balance to $175.875 million. For investors, the key points are the cash available for the company’s search for a merger target and the potential dilution if warrants are exercised (warrants exercisable at $11.50). The structure and amounts are important for evaluating the SPAC’s buying power and future shareholder dilution prospects.