The deal was to enable Tomorrow.io to become a publicly listed company that would trade on Nasdaq
Weather technology company Tomorrow.io and Pine Technology Acquisition terminate their merger deal. (Credit: WikiImages from Pixabay)
Pine Technology Acquisition has scrapped the previously announced $1.2bn merger deal with American weather technology company Tomorrow Companies (Tomorrow.io) owing to market conditions.
The Nasdaq-listed special purpose acquisition company (SPAC) said that it plans to continue pursuing the consummation of a business combination with a suitable target.
Pine Technology Acquisition was created in late 2020 with the objective of targeting one or more businesses in the insurance-related technology sector for its initial business combination.
Based in Boston, Tomorrow.io has developed a SaaS-based global weather and climate security platform.
Through the platform, the company provides operational weather insights for customers around the world across a variety of industries such as aviation, energy, insurance, on-demand companies, professional sports and venues, and logistics, and government agencies.
Tomorrow.io’s weather intelligence offering is said to leverage machine learning for translating hyperlocal forecasts into actionable insights to help users proactively address challenges related to weather and climate.
The company’s clients include Uber Technologies, Delta Airlines, Ford Motor, National Grid, JetBlue Airways, and the US Air Force.
Tomorrow.io is currently engaged in building a constellation of radar-equipped satellites. Initial launches for the satellites are planned for late 2022.
The satellites are designed to offer a global precipitation dataset that is hourly updated along with other highly important weather and ocean parameters.
Tomorrow.io signed the merger deal with Pine Technology Acquisition in December 2021 with a vision to go public. The transaction would have provided gross proceeds up to $420m to the enlarged company that was to trade on Nasdaq.