Pivotal Investment Corp. III (PICC.U) Prices Upsized $240M IPO


Pivotal Investment Corp. III (PICC.U) Prices Upsized $240M IPO

Feb 8, 2021 IPOs by Kristi Marvin

Pivotal Investment Corp. III announced the pricing of its upsized $240 million IPO this evening and its units are expected to begin trading on the NYSE under the symbol “PICC.U” Tuesday, February 9.

The new company aims to combine with a company in North America in an industry ripe for disruption from continuously evolving digital technology and the resulting shift in distribution patterns and consumer purchase behavior. Pivotal Acquisition Corp. III is led by Chairman of the Board Jonathan J. Ledecky and Chief Executive Officer, President and Director Kevin Griffin. Pivotal III is also the third SPAC from Mr. Ledecky and MGG Investment Group, of which, Kevin Griffin is the Chief Executive Officer and Chief Investment Officer.

Total SPAC deal count for 2021 year-to-date is now 125 with $37.02 billion in gross proceeds raised. This offering is expected to close on Thursday, February 11.

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. are acting as the joint book running managers for the offering. Graubard Miller is serving as Issuer’s Counsel with Ellenoff Grossman & Schole LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.