Pivotal Investment Corp. III Announces Pricing of Upsized $240,000,000 Initial Public Offering

Rhea-AI Summary

Pivotal Investment Corp. III has priced its upsized initial public offering at $10.00 per unit, totaling 24,000,000 units. The units will begin trading on the NYSE under the symbol PICC.U on February 9, 2021. Each unit comprises one share of Class A common stock and one-fifth of a redeemable warrant, allowing for the purchase of additional shares at $11.50 each. The offering is expected to close on February 11, 2021, subject to customary conditions. The company aims to pursue business combinations focusing on North American industries that are transforming due to digital technologies.

Positive

• Upsized initial public offering of 24,000,000 units at $10.00 per unit.
• Each unit includes shares of Class A common stock and redeemable warrants.
• Intended focus on industries in North America ripe for disruption.
• Potential growth from merging with innovative companies.

Negative

• Offering could lead to shareholder dilution if additional units are purchased.

Pivotal Investment Corp. III (the “Company”) announced today that it priced its upsized initial public offering of 24,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and will begin trading tomorrow, Tuesday, February 9, 2021, under the ticker symbol “PICC.U”. Each unit consists of one share of the Company’s Class A common stock and one-fifth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and redeemable warrants are expected to be listed on the NYSE under the symbols “PICC” and “PICC WS,” respectively.

The offering is expected to close on Thursday, February 11, 2021, subject to customary closing conditions.

Pivotal Investment Corp. III is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. While the Company may pursue an initial business combination target in any industry or geographic location, it intends to focus its search on companies in North America in industries ripe for disruption from continuously evolving digital technology and the resulting shift in distribution patterns and consumer purchase behavior. The Company is led by Jonathan Ledecky, Chairman of the Board, and Kevin Griffin, Chief Executive Officer and President.

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. are acting as the joint book running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-800-831-9146.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission (“SEC”) and became effective on February 8, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210208005942/en/

FAQ

What is the offering price for Pivotal Investment Corp. III's IPO?

The offering price for the IPO is $10.00 per unit.

When will Pivotal Investment Corp. III's shares start trading?

Shares will start trading on the NYSE under the symbol PICC.U on February 9, 2021.

What does each unit of the offering consist of?

Each unit consists of one share of Class A common stock and one-fifth of a redeemable warrant.

What is the purpose of Pivotal Investment Corp. III?

The company is formed to effect a merger or similar business combination with entities in North America.

What is the ticker symbol for Pivotal Investment Corp. III?

The ticker symbol for Pivotal Investment Corp. III is PICC.U.

When is the expected closing date for the offering?

The expected closing date for the offering is February 11, 2021.