Pivotal Investment III, which had called an Aug. 11 meeting for shareholders to consider a deadline extension, has instead decided to redeem shares and shut down based on redemption levels to-date.
The SPAC initially sought an extension until Feb. 11, 2024, however, redemptions have erased nearly 93% of the trust, leaving Pivotal III with about $20.4 million from an IPO that raised $276 million in February 2021.
The SPAC was focused on disruptive industries engaged in digital technology related to consumer purchase behavior.
