Pine Tree Acquisition Corp.

Issuer

Pine Tree Acquisition Corp.

Principal executive office address

418 Broadway, #6538, Albany, NY 12207

Citizenship

Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Filing person

This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the Class A ordinary shares of Pine Tree Acquisition Corp. (the "Company"), $0.0001 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc.

Principal business or residence address

The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111

Not applicable indication

Y

Percent of class

7.6

Amount beneficially owned

The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The Shares reported as beneficially owned herein are held as part of units. Each unit consists of one Share and one right to receive three-fourths (3/4) of one Share upon the consummation of an initial business combination, as described in more detail in the Company's Prospectus (Registration No. 333-292289), filed on October 6, 2026 (the "Prospectus"). The Prospectus indicates there were 10,540,000 Shares outstanding as of the completion of the offering of the units referred to therein.

Sole voting power

The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Shared voting power

The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.

Sole dispositive power

The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Shared dispositive power

The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.

Not applicable indication

Y

Not applicable indication

Y

Not applicable indication

Y

Not applicable indication

Y

Not applicable indication

Y

Not applicable indication

N

Certifications

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 24 Limited Power of Attorney 99 Joint Filing Agreement

Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24 hereto.