Pine Technology Acquisition Corp. filed for an IPO with a proposed maximum aggregate offering price of $345 million, or $10 per unit.

The IPO filing covers 34.5 million units, including 4.5 million units that may be issued under the 45-day overallotment option granted to underwriters. Each unit comprises one class A common share and one-third of a redeemable warrant. Each warrant is exercisable to purchase one class A ordinary share at $11.50 apiece.

AmTrust Financial Services Inc. CEO and Chairman Barry Zyskind is one of the founders of the blank-check company, which aims to enter into M&A deals within the insurance industry, with particular focus on insurance technology entities.

Pine Technology is led by Christopher Longo as CEO and Robert Schwarz as CFO. Adam Karkowsky is serving as the company's nonexecutive chairman.

The company's sponsor, Pine Technology Sponsor LLC, has agreed to buy an aggregate of 5,333,333 warrants, or 5,933,333 warrants if the overallotment option is fully exercised, at $1.50 apiece. Proceeds are expected to total $8 million, or $8.9 million if underwriters' option is fully exercised.

Pine Technology has applied to list its units on the Nasdaq Capital Market under the symbol PTOC.U. Its class A common shares and warrants will be listed on Nasdaq under the symbols PTOC and PTOC WS, respectively, once they start trading separately.

At least 90% of the gross proceeds from the offering will be placed in a trust account. Most of the net proceeds will be invested only in U.S. Treasury bills with a maturity of 185 days or less or in money-market funds meeting certain conditions. Once Pine Technology picks a target, it will use the net proceeds held in the trust account as consideration to pay the sellers of the business that it will ultimately merge with.

Cantor Fitzgerald & Co. serves as the sole bookrunner for the IPO, while Odeon Capital Group LLC is the co-manager.