Pivotal Investment Corp III, the third blank check company led by veteran dealmaker Jonathan Ledecky targeting a high-growth business, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans on raising $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Pivotal Investment Corp III will command a market value of $250 million.
The company is led by CEO and Chairman Jonathan Ledecky, who has served as the Chairman of Ironbound Partners Fund since 1999 and has been a co-owner of the New York Islanders NHL team since 2014. He is joined by CFO James Brady, who has served as CEO of Brady Enterprises since 2014. The duo's previous SPACs include Pivotal Investment Corp II, which combined with XL Fleet (XL; +110% from $10 offer price) in December 2020, and Pivotal Acquisition, which completed its merger with KLDiscovery (KLDI; -20%) in 2019. Ledecky is also currently involved in two other SPACs: Northern Star Investment (STIC; +44%), which is pending a combination with BARK, and Northern Star Investment II (STII.RC), which recently filed to raise $375 million.
Pivotal Investment Corp III intends to focus on high-growth companies in North America in industries ripe for disruption from continuously evolving digital technology and the resulting shift in distribution patterns and consumer purchase behavior.
Pivotal Investment Corp III was founded in 2020 and plans to list on the NYSE under the symbol PICC.U. It filed confidentially on December 11, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
