LEGAL PROCEEDINGS.
−Removed: As of December 31, 2021, to the knowledge of our management, there was no material litigation, arbitration, or governmental proceeding pending against us or any members of our management team in their capacity as
−Removed: such, and we and the members of our management team have not been subject to any such proceeding.
+Added: As of December 31, 2022, to the knowledge of our management, there was no material litigation, arbitration, or governmental proceeding pending
+Added: against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding.
MINE SAFETY DISCLOSURES.
Not applicable.
−Removed: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
−Removed: Market Information
−Removed: Our units, Class A common stock and warrants are listed on NYSE under the symbols “PACI.U,” “PACI” and “PACI.WS”, respectively.
−Removed: As of March 25, 2022, there was 1 (one) holder of record of our units, 1 (one) holder of record of our Class A common stock, 14 (fourteen) holders of record of our Class B common stock, and 15 (fifteen) holders
−Removed: of record of our warrants.
−Removed: The number of holders of record does not include a substantially greater number of “street name” holders or beneficial holders whose units, Class A common stock, and warrants are held of record by banks, brokers, and
−Removed: other financial institutions.
−Removed: Recent Sales of Unregistered Securities;
−Removed: Use of Proceeds from Registered Offerings
−Removed: Unregistered Sales
−Removed: The sales of the Founder Shares and Private Placement Warrants to our Sponsor and Blackrock as described herein were deemed to be exempt from registration under the Securities Act, in reliance on Section 4(a)(2)
−Removed: of the Securities Act as transactions by an issuer not involving a public offering.
−Removed: Use of Proceeds
−Removed: On November 30, 2021, our registration statement on Form S-l (File No.
−Removed: 333-261015) was declared effective by the SEC for the Public Offering pursuant to which we sold an aggregate of 27,600,000 units (including
−Removed: the issuance of 3,600,000 units as a result of the underwriters’ full exercise of their over-allotment option) at an offering price to the public of $10.00 per unit for an aggregate offering price of $276,000,000, with each unit consisting of
−Removed: one share of Class A common stock and one-half of one warrant.
−Removed: Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share.
−Removed: BofA Securities, Inc.
−Removed: acted as the sole underwriter (the
−Removed: “Underwriter”).
−Removed: The Public Offering did not terminate before all of the securities registered in our registration statement were sold.
−Removed: The Public Offering was consummated on December 3, 2021.
−Removed: On the closing date of the Public Offer, $281,520,000 of net proceeds from the Public Offering and the Private Placement, including the underwriters’ deferred fee of $9,660,000, were placed in the Trust Account.
−Removed: We paid $5,520,000 in underwriting discounts.
−Removed: On March 31, 2021, the Company issued an unsecured promissory note to our Sponsor (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000.
−Removed: The Promissory
−Removed: Note was non-interest bearing and payable on the earlier of (i) March 31, 2022 or (ii) the consummation of the Public Offering.
−Removed: In 2021, the Company borrowed $110,000 on this note, which was subsequently repaid from the proceeds of the Public
−Removed: Offering on December 6, 2021.
−Removed: No other payments were made by us to directors, officers, or persons owning ten percent or more of our common stock or to their associates, or to our affiliates.
−Removed: There has been no material change in the planned use
−Removed: of proceeds from the Public Offering as described in our final prospectus dated November 30, 2021, which was filed with the SEC.
−Removed: SELECTED FINANCIAL DATA.
−Removed: As a “smaller reporting company,” we are not required to provide the information called for by this Item.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.