Praetorian Acquisition Corp. (PTORW) Warrant
Each PTORW warrant gives the holder the right to buy 1 share of Praetorian Acquisition Corp. at $11.50 per share, for five years after the company completes its merger. The stock last closed at $9.96, below the strike, so the warrant is out of the money. Praetorian Acquisition Corp. has a market value of about $337.87M. Praetorian Acquisition Corp. is a SPAC (no deal announced yet). It must complete a deal by January 26, 2028 or the warrants expire worthless. There are 8.43M listed warrants; exercising all of them would add 24.9% to the 33.92M shares outstanding.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- no
- Break-even stock price
- $11.80
From the issuer's S-1/A (2026-01-20).
Company and stock
- Company
- Praetorian Acquisition Corp.
- Underlying stock
- PTOR
- Share price
- $9.96
- Market cap
- $337.87M
- Shares outstanding
- 33.92M
- Range since Mar 2026
- $9.78 – $10.04
- Change since Mar 2026
- +1%
- Value of all listed warrants
- $2.57M (0.8% of market cap)
- Industry
- Blank check company (SPAC)
- Head office
- Miami, FL
- Incorporated in
- Cayman Islands
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). Industry and head office are as the company reports them to the SEC. All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.3050
- Price / model
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Dilution
- Shares outstanding
- 33.92M
- Listed warrants
- 8.43M
- Dilution if all exercised
- 24.9%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-01-26
- Latest possible deadline
- 2028-04-26
- Trust per share
- $10.15
- Sponsor
- Praetorian Sponsor LLC
- Sponsor's earlier SPACs
- 0 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about PTORW
When does the PTORW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of PTORW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many PTORW warrants are outstanding?
8.43M listed warrants, equal to 24.9% dilution if all are exercised.
Related warrants
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