Pivotal Investment Corporation II (PIC) Closes XL Fleet Deal


Pivotal Investment Corporation II (PIC) Closes XL Fleet Deal

Pivotal Investment Corporation II (NYSE:PIC) announced that it has completed its combination with EV company XL Fleet and the shares and warrants of the combined entity are expected to begin trading today on the NYSE under the symbols “XL” and “XL WS,” respectively.

Pivotal shareholders approved the XL Fleet deal at a special meeting yesterday, clearing the final hurdle for the deal to close. The company has not yet released redemption figures, but few are expected as its shares opened at $18.56 ahead of the vote and the deal has been one of the more well-received electric vehicle deals announced this year.

Pivotal Chairman and CEO Jonathan Ledecky as well as Directors Kevin Griffin and Sarah Sclarsic are expected to join XL Fleet’s board.

Pivotal initially announced its $1 billion deal with XL Fleet September 18. XL Fleet provides electrification and charging components for commercial vehicles, buses and trucks.