Pivotal Investment III in an 8-K said yesterday’s shareholder meeting to vote on a deadline extension has been pushed to Friday Aug. 11 at 11 a.m. “to allow additional time for the company to engage with its stockholders and effectuate redemption reversals.”
The SPAC seeks to extend the termination deadline from next week until February 2024, which would be the three-year anniversary of its IPO.
The SPAC said it won’t have enough time to close a deal by the current Aug. 11 deadline.
The SPAC raised $276 million in a February 2021 IPO with stated plans to focus on industries ripe for disruption from continuously evolving digital technology and the resulting shift in distribution patterns and consumer purchase behavior. Since then, redemptions have removed nearly 93% of the trust, leaving Pivotal with about $20.4 million. Read more.
