Pivotal Investment III shareholders are now expected to vote on an extension proposal that would move the deadline from Feb. 11 to Aug. 11, 2023. The vote postponed yestererday followed an earlier adjournment on the same matter last week.
The SPAC said it is using the additional time to engage with its stockholders and solicit redemption reversals.
Pivotal III in the 8-K filing said in the last week it has entered into three non-redemption agreements for a total of 716,202 shares. In return, Pivotal’s sponsor has agreed to give those investors 179,051 shares if they hold onto their stakes until the SPAC’s closes a deal.
The SPAC raised $200 million in a February 2021 IPO with stated plans to focus on industries ripe for disruption from continuously evolving digital technology and the resulting shift in distribution patterns and consumer purchase behavior. Read more.
Source: Pivotal Investment III Reschedules Extension Vote Again