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Pivotal Investment Corp. III announced the closing of its IPO, raising $276 million from the sale of 27.6 million units at $10.00 each. The offering included 3.6 million units from underwriters' over-allotment. Each unit comprises one Class A common stock share and one-fifth of a redeemable warrant, convertible to stock at $11.50. These units are now trading on NYSE under the ticker symbol "PICC.U". The company aims to pursue business combinations, particularly focusing on disruptive companies in North America.
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.
