Special purpose acquisition company (SPAC) Pine Technology Acquisition Corp. PTOC, -1.42% and climate forecasting software specialist The Tomorrow Companies Inc. (Tomorrow.io) on Monday said they would terminate their merger deal due to market conditions. Pine Technology said it would continue to search for an acquisition candidate. The companies announced the deal in December and said at that time the combined pro forma equity value of the merged company would be about $1.2 billion. Aurora, Ohio-based Pine Technology Acquisition Corp. raised $345 million in its initial public offering in March, 2021. Shares of Pine Technology Acquisition Corp. fell 1.5% in premarket trades.
Shares of Occidental Petroleum are rising amid supply fears as the U.S. and its allies are considering a ban on Russian oil after Moscow's invasion of Ukraine.

Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.

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