Boston-based weather intelligence specialist Tomorrow.io and Pine Technology Acquisition, a special purpose acquisition company (SPAC), have announced they have called off their merger.
The companies stated that the decision was ‘mutual’ and was primarily due to ‘market conditions.’ It means that Tomorrow.io will not be listed on Nasdaq and will remain a private company for the foreseeable future.
Tomorrow.io’s mission is to help countries and businesses prepare for the business impact of weather by automating decision making and enabling climate adaptation at scale. Its Weather and Climate Security Platform delivers operational weather insights for global customers across a broad range of industries, including aviation, energy, insurance, on-demand companies, professional sports and venues, and logistics, as well as government agencies around the world.
To advance weather and climate forecasting on a global scale, Tomorrow.io is also developing a constellation of radar-equipped satellites, with initial launches planned for late 2022. The satellites are expected to provide the first-ever global precipitation data set updated hourly along with other critical weather and ocean parameters.
Commenting on the termination of the agreement, Shimon Elkabetz, CEO of Tomorrow.io, said, “Today, we announced that Tomorrow.io and Pine Technology Acquisition Corp. have mutually agreed to discontinue our plans for a business combination and to terminate the previously announced agreement and plan of merger, effective immediately. The result is that Tomorrow.io will remain a private company for the time being.
“Pine Technology has been and continues to be a tremendous partner. In the recent months during our SPAC process, however, it became apparent through both our strategic initiatives and overall market conditions, that the best choice for the company and its expansive growth is to remain private for now.
“While we had better than projected 2021 results and are off to a strong start in 2022, the current market would add unreasonable risk to our company. The impact we are having on people, governments and businesses is palpable. The planet’s need for a weather and climate security platform has never been more timely. Our duty is to ensure we choose the best way to operate toward our mission given changing macroeconomic conditions.
“We look forward to our next phase of growth, revisiting public market options in the future and exploring partnership opportunities that presented themselves over the course of the last year,” said Elkabetz.