Patriot Acquisition Corp./CI 8-K

What Happened

• Patriot Acquisition Corp. announced it completed its initial public offering on May 18, 2026 of 16,000,000 units at $10.00 per unit, generating $160,000,000 in gross proceeds. Each unit consists of one Class A ordinary share and one‑half of a warrant; each whole warrant is exercisable for one Class A share at $11.50.
• Keefe, Bruyette & Woods, Inc. (KBW) had a 45‑day over‑allotment option and on May 20, 2026 partially exercised that option for 1,500,000 additional units, which closed on May 21, 2026 for an additional $15,000,000. Simultaneously, the company completed private sales of warrants to Patriot Acquisition Sponsor LLC and KBW (5,200,000 warrants initially, plus an additional 75,000 warrants sold May 21).
• After these transactions, the company reported $175,875,000 held in its trust account. An audited balance sheet reflecting the IPO proceeds and related private placements is filed as Exhibit 99.1 to the 8‑K.

Key Details

• IPO size: 16,000,000 units at $10.00 per unit → $160,000,000 gross (May 18, 2026).
• Over‑allotment: KBW purchased 1,500,000 additional units at $10.00 → $15,000,000 gross (closing May 21, 2026).
• Private placement warrants: 5,200,000 warrants sold at $1.00 each to Sponsor and KBW, plus 75,000 additional warrants sold to KBW on May 21 → $5,275,000 total from private warrant sales; private warrants generally identical to public warrants.
• Trust account: $175,875,000 held following deposit of IPO and over‑allotment proceeds (audited balance sheet included as Exhibit 99.1).

Why It Matters

• The filing confirms Patriot Acquisition is fully funded for its SPAC search stage, with $175.875M in the trust account available to pursue a business combination (subject to redemption mechanics).
• The issuance of public and private warrants (including to the sponsor and underwriter) is important for potential dilution and future capital structure — warrants convert to equity only if exercised at $11.50 per share.
• Retail investors should note the source and amount of cash in trust, the existence of sponsor/underwriter private warrants, and that these are standard SPAC post‑IPO mechanics rather than operational results.