Pivotal Investment Corporation II, a blank check company, has raised $200 million for its IPO after pricing its 20 million shares at $10 per share. The stock began trading July 12, 2019 on the New York Stock Exchange under the ticker symbol “PIC.U.” Cantor Fitzgerald and BTIG LLC are the underwriters. This past May, Pivotal merged with KLDiscovery, a provider of electronic discovery and information governance services to Fortune 500 companies and top law firm. KLD is backed by Carlyle and Revolution Growth.
New York, NY, July 11, 2019 – Pivotal Investment Corporation II (NYSE: PIC.U) (the “Company”) announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units will commence trading July 12, 2019 on the NYSE under the symbol “PIC.U”. Each unit consists of one share of the Company’s Class A common stock, $0.0001 par value per share (“Class A Common Stock”), and one-third of one redeemable warrant (“Warrant”) with each whole Warrant entitling the holder to purchase one share of Class A Common Stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A Common Stock and Warrants are expected to be traded on the NYSE under the symbols “PIC”, and “PIC WS”, respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
The underwriters have been granted a 45-day option to purchase up to an additional 3,000,000 units offered by the Company to cover over-allotments, if any.
The offering is expected to close on or about July 16, 2019, subject to customary closing conditions.
Cantor Fitzgerald & Co. and BTIG, LLC are acting as the book-running managers of the offering.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on July 11, 2019. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: email@example.com. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pivotal Investment Corporation II
Pivotal Investment Corporation II is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although the Company initially intends to focus on target businesses in the following segments: logistics technology and “last mile” delivery services, business technology services, on-line cyber security and off-line physical security services, media and entertainment services and franchise businesses.