Pivotal Investment Corp. III (PICC) Prices 24M Unit at $10/Unit

February 9, 2021 6:26 AM EST

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Pivotal Investment Corp. III (NYSE: PICC) 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.



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