The Latest Liquidations: August 14, 2023

Latest SPAC Liquidations: Pivotal Investment Corp. III

Pivotal Investment Corporation III (PICC) to Liquidate 

As previously disclosed, Pivotal Investment Corporation III (OTC:PICC) had called a special meeting of stockholders to consider and vote on an extension. The meeting was originally scheduled for August 2, but the company adjourned the meeting to August 11 to allow additional time to engage with stockholders and effectuate redemption reversals.

Based on the number of public shares that stockholders were seeking to redeem for cash and other factors that it deemed relevant, the company’s management determined that the extension was no longer in the best interests of the company and its stockholders.

Accordingly, on August 11, the company reconvened the meeting and then closed it without considering any business.

As a result, the company expects to redeem 100% of its outstanding public shares.