PLAOU Patria Latin American Opportunity Acquisition Corporation

Item 8.01. Other Events.

On March 14, 2022, Patria Latin American Opportunity Acquisition Corp. (the “Company”) completed (i) its initial public offering (the “IPO”) of 23,000,000 units (the “Units”), which consists of one Class A ordinary share and one-half of one redeemable warrant, at an offering price of $10.00 per Unit, including the issuance of 3,000,000 Units as a result of the underwriters’ exercise of their over-allotment option in full, and (ii) a private placement of 14,500,000 warrants with Patria SPAC LLC at a price of $1.00 per warrant (the “Private Placement”).

The net proceeds from the IPO together with certain of the proceeds from the Private Placement, $236,900,000, comprised of $225,400,000 of the proceeds from the IPO, including $8,050,000 of the underwriters’ deferred discount, and $11,500,000 of the proceeds of the sale of the Private Placement Warrants, (the “Offering Proceeds”), were placed in a U.S.-based trust account at JPMorgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee, established for the benefit of the Company’s public shareholders and the underwriters. Except with respect to interest earned on the funds held in the trust account that may be released to the Company to pay its taxes, the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of the Company’s initial business combination, (ii) the redemption of the Company’s public shares if it has not completed its initial business combination within 15 months from the closing of the IPO (or up to within 21 months if the Company extends the period of time to consummate its initial business combination in accordance with the terms described in the Registration Statement, subject to applicable law, or (iii) the redemption of the Company’s public shares properly submitted in connection with a shareholder vote to approve an amendment to its amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial business combination or to redeem 100% of its public shares if the Company has not consummated its initial business combination within 15 months from the closing of the IPO (or up to within 21 months if the Company extends the period of time to consummate its initial business combination in accordance with the terms described in the Registration Statement or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity. The funds held in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public shareholders.

An audited balance sheet as of March 14, 2022 reflecting receipt of the proceeds upon consummation of the IPO and Private Placement has been issued by the Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.