Palm Beach, FL, Aug.  10, 2026  (GLOBE NEWSWIRE) --  Pinnacle Acquisition Corporation (the &#34;Company&#34;) announced today the closing of its initial public offering of 20,000,000 units, at a price of $10.00 per

PNAQ.U

Pinnacle Acquisition Corporation Completes $200 Million Initial Public Offering

Pinnacle Acquisition raises $200M in IPO; SPAC eyes deals

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Palm Beach, FL, Aug.  10, 2026  (GLOBE NEWSWIRE) --  Pinnacle Acquisition Corporation (the &amp;#34;Company&amp;#34;) announced today the closing of its initial public offering of 20,000,000 units, at a price of $10.00 per</p>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Pinnacle Acquisition Corporation priced its IPO at $10 per unit, selling 20 million units for $200 million. The SPAC began trading on the NYSE as PNAQ.U on Aug 7, 2026, with Class A shares (PNAQ) and rights (PNAQ.RT) expected to trade separately by day 52. Proceeds will fund a future business combination.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Pinnacle Acquisition completes IPO; 20 million units at $10 each.</li><li>Gross proceeds $200 million; NYSE ticker PNAQ.U.</li><li>Each unit includes 1 Class A share and 1/8 right.</li><li>Shares and rights to trade separately within 52 days.</li><li>Underwriters may issue up to 3 million additional units.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Pinnacle Acquisition Corporation (PNAQ.U)</strong>: SPAC issuing units; primary price-sensitive event is the IPO and subsequent merger timeline.</li><li><strong>Santander US Capital Markets LLC (N/A)</strong>: Joint book-running manager; strengthens underwriting quality but not a direct stock price driver.</li><li><strong>CIBC Capital Markets (N/A)</strong>: Joint book-running manager; similar implications as Santander for issuance credibility.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The article reports a SPAC IPO and pivotal listing details, which set the stage for a future business combination and potential dilution dynamics.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>IPO closes with $200 million gross proceeds; liquidity boosted for PNAQ.U.</li><li>NYSE listing begins; PNAQ and PNAQ.RT to trade after 52 days.</li><li>Underwriters have a 45-day option for up to 3 million additional units.</li><li>Rights convert to 1/8 of a share upon business combination; potential dilution.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Offering: 20,000,000 units at $10.00; gross proceeds $200,000,000.</li><li>Trading: Units begin on NYSE as PNAQ.U on Aug 7, 2026; separate trading for PNAQ and PNAQ.RT within ~52 days.</li><li>Unit composition: 1 Class A ordinary share + 1/8 right to 1/8 of a Class A share on combination.</li><li>Underwriters: Santander US Capital Markets LLC and CIBC Capital Markets; 45-day option to purchase up to 3,000,000 additional units.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Near-term neutral; value depends on a credible merger target and favorable deal terms.</p>
  </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><p align="justify">Palm Beach, FL, Aug.  10, 2026  (GLOBE NEWSWIRE) --  Pinnacle Acquisition Corporation (the "Company") announced today the closing of its initial public offering of 20,000,000 units, at a price of $10.00 per unit, resulting in gross proceeds of $200,000,000. The units began trading on the New York Stock Exchange (the "NYSE") on August 7, 2026 under the ticker symbol "PNAQ.U". Each unit consists of one Class A ordinary share and one right entitling the holder thereof to receive one-eighth (1/8) of one Class A ordinary share upon the consummation of an initial business combination. The Class A ordinary shares and rights comprising the units are expected to begin separate trading no later than the 52<sup>nd</sup> day following this date. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on the NYSE under the symbols "PNAQ" and "PNAQ.RT," respectively.</p>  <p align="justify">Santander and CIBC Capital Markets acted as joint book-running managers. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.</p>  <p align="justify">The offering was made by means of a prospectus. Copies of the prospectus may be obtained from Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Attention: ECM Syndicate, by email at equity-syndicate@santander.us, or by telephone at 833-818-1602; and CIBC Capital Markets, 300 Madison Avenue, 8th Floor, New York, NY 10017, Attention: ECM Syndicate, by email at <a href="https://www.globenewswire.com/Tracker?data=PJh6eEnn0CKK0D1Bc7e1mIA38udvFyqbVUMD0n1TCrfmiuOD7029HSv-bHCADG1GLELsS2FyT1jW0iCsR7FYuz3pxzyYd0CXjXn-FfoYXRcm08A0-X2tl6gM3emEa4ds" rel="nofollow" target="_blank">Mailbox.USProspectus@cibc.com</a>.</p>  <p align="justify">A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission ("SEC") and became effective on August 6, 2026. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</p>  <p><b>About Pinnacle Acquisition Corporation</b></p>  <p align="justify">The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.</p>  <p align="justify">While the Company may pursue a business combination in any business or industry, it intends to focus its efforts on businesses with growth platforms, strong management teams and opportunities to drive value creation such as the ability to pursue further accretive acquisitions or capital structure optimization that can benefit from the business expertise of its Chief Executive Officer and Chairman, Steven K. Hudson, and its Chief Financial Officer, Jack Schneider. Andrew Rechtschaffen, Paul Stoyan, Karen Martin and Harry Brandler serve as board members.</p>  <p><b>Forward-Looking Statements</b></p>  <p align="justify">This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the U.S. Securities and Exchange Commission (the "SEC"). Copies of these documents are available on the SEC’s website, <a href="https://www.globenewswire.com/Tracker?data=FOd9Up4U5E1kwwQbfjddHad7eTUkRpHWBLeEFUpSZWPZYgnlIWfZr3GZ7KBcMtb8C9CQOUYmZFPrS5JPm9rXEw==" rel="nofollow" target="_blank">www.sec.gov</a>. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.</p>  <p><b>Investor Contact:</b></p>  <p>Jack Schneider<br></br>Chief Financial Officer<br></br>(561) 309-3447 </p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTgwNzExNSM3NzY4NTI2IzUwMDE2NjI5Mg=="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/YTAyZjI1MDEtNjBmZC00NGI3LTkwMGYtNjRkODY1MTdlYmQzLTUwMDE2NjI5Mi0yMDI2LTA4LTEwLWVu/tiny/Pinnacle-Acquisition-Corporati.png" referrerpolicy="no-referrer-when-downgrade"></img>

Pinnacle Acquisition Corporation priced its IPO at $10 per unit, selling 20 million units for $200 million. The SPAC began trading on the NYSE as PNAQ.U on Aug 7, 2026, with Class A shares (PNAQ) and rights (PNAQ.RT) expected to trade separately by day 52. Proceeds will fund a future business combination.

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Pinnacle Acquisition Corporation Completes $200 Million Initial Public Offering

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Key facts

Corporate Developments