Pine Technology’s Merger With Tomorrow.io

Paul, Weiss, Rifkind, Wharton & Garrison represented Pine Technology Acquisition Corp. in the transaction.

Special purpose acquisition company Pine Technology Acquisition Corp. announced its merger with The Tomorrow Companies Inc. (Tomorrow.io), the developer of a leading platform for global weather and climate security.

The high-growth SaaS company is backed by sophisticated technology and has an ESG mission to significantly improve weather forecasting and enable countries, communities, businesses and individuals to better prepare for significant weather events and climate change.

Upon completion of the transaction, expected to close in the first half of 2022, Tomorrow.io will become a publicly traded company.

The pro forma equity value of the combined company is approximately $1.2 billion; the transaction will provide up to $420 million of gross proceeds, including $75 million through a fully-committed private investment in public equity deal (PIPE) at $10.00 per share. The PIPE includes commitments from funds managed by Koch Strategic Platforms; National Grid Partners; JetBlue Technology Ventures; SB Energy Corp., SoftBank Group’s Japanese wholly-owned subsidiary; and Pine Technology’s sponsor, Pine Technology Sponsor LLC.

The Paul, Weiss team included corporate partners Adam Givertz (Picture), Raphael Russo and Christopher Cummings, and counsel Jason Tyler and David Curtiss; tax partners Brian Grieve and David Mayo; intellectual property partner Jonathan Ashtor and counsel Michael Kurzer; litigation partner Andrew Gordon and counsel Steven Herzog; international trade counsel Richard Elliott; antitrust counsel Yuni Sobel and Marta Kelly; and executive compensation counsel Reuven Falik.

Involved fees earner: Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison; Christopher Cummings – Paul Weiss Rifkind Wharton & Garrison; David Curtiss – Paul Weiss Rifkind Wharton & Garrison; Richard Elliott – Paul Weiss Rifkind Wharton & Garrison; Reuven Falik – Paul Weiss Rifkind Wharton & Garrison; Adam Givertz – Paul Weiss Rifkind Wharton & Garrison; Andrew Gordon – Paul Weiss Rifkind Wharton & Garrison; Brian Grieve – Paul Weiss Rifkind Wharton & Garrison; Steven Herzog – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Michael Kurzer – Paul Weiss Rifkind Wharton & Garrison; David Mayo – Paul Weiss Rifkind Wharton & Garrison; Raphael Russo – Paul Weiss Rifkind Wharton & Garrison; Yuni Sobel – Paul Weiss Rifkind Wharton & Garrison; Jason Tyler – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Pine Technology Acquisition Corp;