Pivotal Investment Corp III, a blank check company led by veteran dealmaker Jonathan Ledecky targeting a high-growth business, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by 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 CEO and Director Kevin Griffin, the founder, CEO, and CIO MGG Investment Group, and CFO James Brady, who has served as CEO of Brady Enterprises since 2014. 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.
Management's previous SPACs include Pivotal Investment Corp II, which combined with XL Fleet (XL; +104% 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 four other SPACs: Northern Star Investment (STIC; +47%), which is pending a combination with BARK; Northern Star Investment II (NSTB.U; +6%), which went public this past January; and Northern Star Investment III (NSTC.U) and Northern Star Investment IV (NSTD.U), both of which submitted initial filings earlier this month.
Pivotal Investment Corp III plans to list on the NYSE under the symbol PICC.U. Citi and Cantor Fitzgerald acted as lead managers on the deal.
