Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported): November 7, 2024

   

PureCycle Technologies, Inc.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-40234	86-2293091
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

20 North Orange Avenue, Suite 106
Orlando, Florida		32801
(Address of Principal Executive Offices)		(Zip Code)

    Registrant’s Telephone Number, Including Area Code: 877 648-3565

   

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	PCT	The Nasdaq Stock Market LLC
Warrants, each exercisable for one share of common stock, $0.001 par value per share, at an exercise price of $11.50 per share	PCTTW	The Nasdaq Stock Market LLC
Units, each consisting of one share of common stock, $0.001 par value per share, and three quarters of one warrant	PCTTU	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 7, 2024, the Company issued a press release, attached hereto as Exhibit 99.1.

The information contained in Item 7.01 concerning the presentation to Company’s investors is hereby incorporated into this Item 2.02 by reference.

Item 7.01 Regulation FD Disclosure.

The slide presentation attached hereto as Exhibit 99.2, and incorporated herein by reference, will be presented to certain investors of the Company on November 7, 2024 and may be used by the Company in various other presentations to investors.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit Number	Description of Exhibit
99.1	Press Release by PureCycle Technologies, Inc. dated November 7, 2024
99.2	PureCycle Technologies, Inc. presentation to investors
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			PureCycle Technologies, Inc.

Date:	November 7, 2024	By:	/s/ Jaime Vasquez
			Jaime Vasquez, Chief Financial Officer

PURECYCLE PROVIDES THIRD QUARTER 2024 UPDATE

Orlando, Fla. – November 7, 2024 – PureCycle Technologies, Inc. (Nasdaq: PCT), a U.S.-based company revolutionizing plastic recycling, today, announced a corporate update for the third quarter ending September 30, 2024.

Management Commentary

PureCycle CEO Dustin Olson commented, “The third quarter represented meaningful progress for the Company on multiple fronts. The Company has significantly improved our rates, reliability, and product quality at Ironton. While there is still more work to be done, we are confident in continuing to move the Ironton Facility forward and pursuing nameplate capacity targets in the future. These achievements are allowing the Company to turn its focus toward the next phase of PureCycle’s growth by ramping-up our commercialization efforts.” Olson continued, “With positive customer feedback and initial success in commercial trials, Q3 was a pivotal time for the team. We are seeing strong interest in our product by leading companies from several market channels and plan to increase production to meet those needs. The Company believes this should lead to meaningful sales going into 2025.”

Ironton Facility Update

As previously announced, the Ironton Facility hit three key production milestones before the end of the third quarter, including one million pounds of feedstock processed in a week; 200,000 pounds of feedstock processed in a day; and feed rates of more than 10,000 pounds per hour. Each of these targets was set with a focus on proving out specific elements of the plant. With the facility having shown greater reliability and uptime, the Company can focus on ramping toward nameplate capacity and improving product quality.

The equipment updates to the co-product 2 (CP2) removal system have been commissioned and are working as designed. In addition to the CP2 removal improvements, the Company advanced its sorting strategy in mid-October by commissioning a new 325,000 square foot facility located in Denver, Pennsylvania. The facility sorts mixed plastic bales using optical and robotic sorting technologies. With these technologies, the facility has been able to improve the polypropylene concentration of the mixed bales from ~60-80% to ~90-95%. The higher concentration of polypropylene combined with the improved CP2 removal system has led to greater output and improved quality at the Ironton Facility.

Commercial Update

The market continues to lack high quality recycled material and PureCycle offers an answer for companies looking to achieve their sustainability goals. Initial feedback from customers in the qualification process has been very positive and the Company is working to convert these trials into orders in the near future. The Company has produced and built meaningful inventory to meet near term expected demand and give customers confidence Ironton will be able to ramp-up to meet their needs.

The increased production volume at the Ironton Facility and expanded efforts with compounding allowed the Company to introduce samples to new markets and further trials with potential customers. PureCycle recently provided The Procter & Gamble Company (P&G) with compounded material. This will allow P&G to begin the approval process for the recycled resin in various applications. PureCycle plans to provide material to P&G for production beginning in Q2 or Q3 of 2025.

The Company completed multiple trials with customers in the fiber market, which has been an underserved area when it comes to recycled polypropylene. These trials were conducted with some of the largest fiber manufacturers in the country and built upon earlier smaller-scale successful trials. PureCycle worked with the manufacturers to produce continuous filament and staple fibers with varying product properties that should allow for the introduction into applications such as carpet, clothing, upholstery, and automotive.

The Company also progressed the approval process with one of the largest global automotive manufacturers for both interior and exterior applications. The first application would include PureCycle resin from 100% recycled feedstock.

PureCycle Financial Update

On August 7, 2024 the Company sold approximately $22.5 million in aggregate par amount of its Series A Southern Ohio Port Authority Revenue Bonds to certain investors. The Company received $18 million in gross proceeds.

In September, PureCycle entered into a series of transactions with Sylebra Capital Management and Samlyn Capital, LLC and raised gross proceeds of $90 million. The capital raised should allow the Company to continue with its investments to facilitate future growth. At the end of the recent third quarter, the Company had an unrestricted and restricted cash balance of $93.7 million.

###

PureCycle Contact

Christian Bruey

cbruey@purecycle.com

+1 (352) 745-6120

About PureCycle Technologies

PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as No. 5 plastic) into a continuously renewable resource. The unique purification process removes color, odor, and other impurities from No. 5 plastic waste resulting in an ultra-pure recycled (UPR) plastic that can be recycled and reused multiple times, changing our relationship with plastic. www.purecycle.com

Forward-Looking Statements

This press release contains forward-looking statements, including statements about the continued execution of PureCycle’s business plan, the expected timing of commercial sales, the commercialization of Ironton operations, the expected increase in production of the Ironton operations, the planned compounding operations, the sourcing of materials, and planned future updates. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or

PureCycle’s future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of PureCycle’s management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in each of PureCycle’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and PureCycle’s Quarterly Reports on Form 10-Q for various quarterly periods, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCT's ability to obtain funding for its operations and future growth and to continue as a going concern; PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT’s ultra-pure recycled (“UPR”) resin in food grade applications (including in the United States, Europe, Asia and other future international locations); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT’s facilities (including in the United States, Europe, Asia and other future international locations); expectations and changes regarding PCT’s strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT’s ability to invest in growth initiatives; the ability of PCT’s first commercial-scale recycling facility in Lawrence County, Ohio (the “Ironton Facility”) to be appropriately certified by Leidos, following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner or at all; PCT’s ability to meet, and to continue to meet, the requirements imposed upon it and its subsidiaries by the funding for its operations, including the funding for the Ironton Facility; PCT’s ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt its business (including interruptions or disruptions in operations at its facilities), and subject PCT to liability and increased costs; PCT’s ability to complete the necessary funding with respect to, and complete the construction of, (i) its first U.S. multi-line facility, located in Augusta, Georgia, and (ii) its first commercial-scale European plant located in Antwerp, Belgium, in a timely and cost-effective manner; PCT’s ability to procure, sort and process polypropylene plastic waste at its planned plastic waste prep facilities; PCT’s ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PCT’s business model and growth strategy; the success or profitability of PCT’s offtake arrangements; the ability to source feedstock with a high polypropylene content at a reasonable cost; PCT’s future capital requirements and sources and uses of cash; developments and projections relating to PCT’s competitors and industry; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party including the securities class action and putative class action cases; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts; turnover in employees and increases in employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and

raw materials, and PCT’s ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine and the conflict in the Middle East); the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; and operational risk.

Third Quarter 2024Corporate Update November 7, 2024

Forward-Looking Statements This press release contains forward-looking statements, including statements about the continued expansion of PureCycle’s business plan, the expected time of commercial sales, the commercialization of Ironton operations, the expected increase in production of the Ironton operations, the planned compounding operations, the sourcing of materials, and planned future updates. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or PureCycle’s future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of PureCycle’s management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in each of PureCycle’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and PureCycle’s Quarterly Reports on Form 10-Q for various quarterly periods, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCT's ability to obtain funding for its operations and future growth and to continue as a going concern; PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT’s ultra-pure recycled (“UPR”) resin in food grade applications (including in the United States, Europe, Asia and other future international locations); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT’s facilities (including in the United States, Europe, Asia and other future international locations); expectations and changes regarding PCT’s strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT’s ability to invest in growth initiatives; the ability of PCT’s first commercial-scale recycling facility in Lawrence County, Ohio (the “Ironton Facility”) to be appropriately certified by Leidos, following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner or at all; PCT’s ability to meet, and to continue to meet, the requirements imposed upon it and its subsidiaries by the funding for its operations, including the funding for the Ironton Facility; PCT’s ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt its business (including interruptions or disruptions in operations at its facilities), and subject PCT to liability and increased costs; PCT’s ability to complete the necessary funding with respect to, and complete the construction of, (i) its first U.S. multi-line facility, located in Augusta, Georgia, and (ii) its first commercial-scale European plant located in Antwerp, Belgium, in a timely and cost-effective manner; PCT’s ability to procure, sort and process polypropylene plastic waste at its planned plastic waste prep facilities; PCT’s ability to maintain exclusivity under the Procter & Gamble Company license; the implementation, market acceptance and success of PCT’s business model and growth strategy; the success or profitability of PCT’s offtake arrangements; the ability to source feedstock with a high polypropylene content at a reasonable cost; PCT’s future capital requirements and sources and uses of cash; developments and projections relating to PCT’s competitors and industry; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party including the securities class action and putative class action cases; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts; turnover in employees and increases in employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and raw materials, and PCT’s ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine and the conflict in the Middle East); the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; and operational risk.

We Achieved 3 Key Milestones in Q3 1MM 200K 10K/hr lbs. of Feedstock in a week lbs of Feedstock in 24hrs Feedstock rates in lbs Overview Operations Market Finance

PCT Highlights Operations Achieved all three production milestones Significant progress on rates, uptime and reliability Current Ironton production is exclusively from PCR feedstock Co-product 2 (CP2) improvements implemented and recovery rates have reached up to 15K lbs/day Denver, PA PreP facility is online and producing high yield PP bales at designed rates Compounding operations are running reliably and producing multiple product grades Commercial Secured multiple new customer approvals for PCT resin in defined customer applications Continue to trial new applications for commercial ramp-up into 2025 Strong trial feedback for numerous customer applications in film, fiber and injection molding Margin opportunities for compounding operations continues to look positive Finance Sold $22.5MM of Ironton revenue bonds Raised $90MM through the sale of preferred and common equity as well as warrants Currently positioning company to begin financing growth initiatives with Ironton’s progress Overview Operations Market Finance

PureCycle Manufacturing Update Overview Operations Market Finance Ironton rPP Pellet Production (MM lbs) Key Improvements Feedstock sorting has significantly increased production capability Uptime and reliability are increasing due to proactive operational efforts Stronger Q3 performance despite significant time spent commissioning CP2 improvements Product quality improving with better recovery and removal of CP2 Before After

CP2 Upgrades Improve Final Product Quality & Circularity Performance Improvements Final PP product quality improved with more effective CP2 removal Compounding CP2 for customer trials and sales Originally modeled as a waste stream and now good market interest in this product Achieved rates up to 15K lbs/day with improving reliability Overview Operations Market Finance CP2 Pellets

Denver, PA Bale Sortation Improved capability to upgrade mixed bales (#5 & #3-7) to approximately 90% to 95% PP Offsite Flake Sortation Improved PP concentration of ready-to-purify flake from approximately 75% to 95% Ironton Flake Sortation Planned start-up in Q4; expect to improve PP concentration of ready-to-purify flake to ~97% Sort Upgrades are Increasing Feedstock Flexibility We do not currently expect CP2 removal to be a production limit for Ironton in the future Overview Operations Market Finance

Plant Improvements Should Enhance Margins Overview Operations Market Finance CP2 Recovery Feedstock Type Availability Feedstock Cost Offtake Value Limited PIR, No CP2 Limited Highest Lower Limited PCR, Low CP2 Very Limited Higher Higher Limited PCR, High CP2 Prevalent Lower Lowest Improved PCR, High CP2 Prevalent Lower Highest Current Production

Profitability Should Improve with Compounding Notes Economics on non-compounded sales are developing in-line with previous expectations, compounding improves overall outcomes Compounding enables PCT to meet specific customer requirements which broadens the customer base Compounded price premiums vs virgin are lower which also increases total addressable market Outcome from compounding can increase total profit Overview Operations Market Finance vs 100% PureFive™ 100% Compounded PureFive™ Price Higher Lower Feedstock Costs Lower Higher Direct Processing Costs Lower Higher Direct $ Margin Higher Lower Volumes Significantly Lower Significantly Higher Fixed Cost Leverage Meaningful Significantly Higher Total Profit $ Meaningful Higher vs.

Compounding has Expanded Our Product Portfolio Overview Operations Market Finance Ironton Production Compounding Material <10 MFI Suitable for thermoforming and film applications Mid MFI Suitable for injection molding applications 30+ MFI Suitable for fiber and injection molding applications Available Inventory (MM lbs) Building inventory of multiple grades to serve numerous customer applications 2.5 10-20 MFI

Positioning for Significant Global Opportunity In 2023 Mechanical recycling generates 90% of the rPP & Bio volume, but sales are limited due to quality requirements We are actively trialing customer applications for film, fiber and injection molding; represents 85% of the market Current mechanically recycled PP supply struggles to meet product quality specifications for film and fiber; PureCycle has successfully produced both By 2030 PP demand is projected to increase to 239 billion lbs/yr 60 billion lbs of rPP/yr will be required to meet brand owner commitments by 2030 Source: Nexant, Roland Berger Injection Molding Fiber Film Other Global PP Demand in 2023 187 Billion Pounds; ~10% recycled Virgin rPP & Bio Overview Operations Market Finance

What Our Partners Say “These fabrics perform exactly the same as those manufactured with virgin polypropylene fiber, making them nearly plug and play for our customers. We see an endless number of applications where PureCycle’s resin can be easily incorporated into the textile, transforming the fabric into a sustainable solution without any compromises." Ron Sytz, Owner "I've had great success running PureCycle resin. We’ve been able to produce finer, more delicate filaments for the apparel markets all the way up to thicker filament for the industrial markets. PureCycle resin is showing that it can compete on equal footing with virgin polypropylene." John Garner, Sales Director “It’s been great to hear about the progress in Ironton and with compounding. We’re excited to see that PureCycle has built up their inventory, because this will allow us to begin offering our customers a souvenir cup that includes recycled content.” Erik Johnson, Product Director "We're excited to finally partner with somebody who can repeatedly deliver a post-consumer recycled polypropylene that can be turned into a sustainable fiber for our customers. We've tested PureCycle's material under various operating conditions with good success. We're in the beginning stages of development, but I see this is as a strong growth opportunity for our company." John Parkinson, CEO Overview Operations Market Finance

Film Packaging Product Formulation/Design Compounding Development First Customer Approval Inventory Build Commercial Sales Q4-24 Q4 Q1-25 Q1 Q2 Fiber Product Formulation/Design Compounding Development First Customer Approval Inventory Build Commercial Sales Q3-24 Q3/Q4 Q3 Q3/Q4 Q4 Road Map to Sales by Product Segment Injection Molding Automotive Product Formulation/Design Compounding Development/Trials First Customer Approval Inventory Build Commercial Sales Q2-24 Q4 w Q4/Q1 Q1 Q1 Injection Molding Packaging Product Formulation/Design PureCycle / P&G Compounding Development Inventory Build First Application Production Commercial Sales Q3-24 Q4 1 Q1-25 Q2/Q3 Q2/Q3 2 producers have approved our resin for customer applications Overview Operations Market Finance Note: Reflects PureCycle’s fiscal quarters PCT Anticipated timing

Meaningful Improvement in Liquidity Summary of Liquidity Changes (in MM) June 30, 2024 Sept. 30, 2024 change Unrestricted Cash $10.9 $83.7 $72.8 Restricted Cash $12.6 $10.0 (2.6) Total $23.5 $93.7 $70.2 Overview Operations Market Finance Unrestricted Cash Proceeds: $90.0MM from September capital market transactions $18.0MM from additional bond sales Unrestricted Cash Uses: ($8.0MM) Ironton operations and maintenance ($8.5MM) general corp (non-payroll), legal settlement and other services ($7.0MM) Payroll and benefits ($9.1MM) Convertible Bond interest ($9.2MM) Augusta and PreP On October 3rd, $35.9MM was funded into an escrow account related to the Augusta purification facility project

Third Quarter 2024Corporate Update November 8, 2024

Cover	Nov. 07, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 07, 2024
Entity Registrant Name	PureCycle Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40234
Entity Tax Identification Number	86-2293091
Entity Address, Address Line One	20 North Orange Avenue,
Entity Address, Address Line Two	Suite 106
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	877
Local Phone Number	648-3565
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001830033
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PCT
Security Exchange Name	NASDAQ
Warrants
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of common stock, $0.001 par value per share, at an exercise price of $11.50 per share
Trading Symbol	PCTTW
Security Exchange Name	NASDAQ
Units
Entity Information [Line Items]
Title of 12(b) Security	Units, each consisting of one share of common stock, $0.001 par value per share, and three quarters of one warrant
Trading Symbol	PCTTU
Security Exchange Name	NASDAQ