Pivotal Acquisition Corp. Pricing Their $200 Million SPAC Tonight

Pivotal Acquisition Corp. (PVT.U), is now expected to price their $200 million SPAC tonight, rather than tomorrow, January 31st.  The delaying amendments have created all sorts of confusion regarding getting effective in 20 days, but it turns out that it’s NOT 20 days starting the day after you file, but rather, you need to include the actual day you file without the delaying amendment.  This means that Pivotal, which we expected to get effective on January 31st (20 days after their most recent amendment filed January 11th), is actually effective as of today, January 30th.

The tip off to pricing was Pivotal filing both their CERT and 8-a12b this morning, indicating an IPO is imminent.  However, we now have confirmation that yes, that is in fact, the case – Pivotal is indeed pricing tonight.  This means SPACs will be able to get two deals on the board for January – Andina III and now Pivotal – in a market where there are no other IPOs (traditional) getting done for the month.  Plus, we have Gores Metropoulos expected to price $375 million tomorrow, but that IPO will count for February.

Next week, we can expect Wealthbridge, RMG, Monocle and maybe even DiamondPeak to IPO, however, stay tuned for any changes in anticipated pricing schedules for those four.

Summary of terms below:

Cantor Fitzgerald is sole book-running manager, BTIG is lead manager.
Graubard Miller and Ellenoff Grossman & Schole LLP, are Issuer’s Counsel and Underwriter’s Counsel, respectively.