Pinnacle Acquisition (PNAQ) Sponsor Surrenders 750,000 Founder Shares

What Happened
PAC Sponsor, LLC (the Sponsor and a 10% owner) reported an Other acquisition/disposition (code J) on 2026-09-21: it disposed of 750,000 Class B ordinary (founder) shares. The shares were surrendered to Pinnacle Acquisition Corporation for no consideration (no cash proceeds) as described in the company's Form S-1. This was a derivative-related disposition (founder shares), not an open-market sale.

Key Details

• Transaction date: 2026-09-21; Form filed: 2026-09-23.
• Price/consideration: N/A — 750,000 Class B shares surrendered for no consideration.
• Shares owned after transaction: not specified in the Form 4.
• Relevant footnotes: F2 states the surrender occurred because underwriters chose not to exercise the over-allotment option; F1 explains Class B shares convert one-for-one into Class A at a business combination (no consideration on conversion); F3 notes the Sponsor holds the shares and identifies its co-managing members who disclaim beneficial ownership beyond pecuniary interest.
• Filing timeliness: filed promptly (no late-filing flag indicated).

Context
This was an issuer-side surrender of founder shares tied to IPO mechanics (over-allotment), not a market sale by an executive. For retail investors, such sponsor share surrenders are routine capital-formation items and do not necessarily signal insider confidence or concern about the company’s prospects.