Pivotal Investment III last night priced its upsized IPO of 24 million units at $10 each. The units begin trading today on the NYSE under PICC.U.
Each unit consists of one share of the Company’s Class A common stock and one-fifth of one redeemable warrant. Once the securities comprising the units begin separate trading, stock and redeemable warrants are expected to list on the NYSE under PICC and PICC WS, respectively.
The offering is expected to close Feb. 11.
Pivotal intends to focus on industries ripe for disruption from continuously evolving digital technology and the resulting shift in distribution patterns and consumer purchase behavior.
This is the third SPAC led by CEO and Chairman Jonathan Ledecky, who is co-owner of the National Hockey League’s New York Islanders franchise, and president and COO of Northern Star, a blank check company that raised $255 million in an IPO two months ago and is now in a pending merger with Barkbox. Read more.
