Pivotal Acquisition Corp. (NYSE: PVT.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 today on the NYSE under the symbol PVT.U. Each unit consists of one share of the Companys Class A common stock, $0.0001 par value per share (Class A Common Stock) and one redeemable warrant (Warrant) with each 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 PVT, and PVT WS, respectively.
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 February 4, 2019, subject to customary closing conditions.
Cantor Fitzgerald & Co. is acting as the sole book-running manager and BTIG, LLC as lead manager of the offering.
A registration statement relating to these securities became effective on January 31, 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 protected]. Copies of the registration statement can be accessed through the SECs 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 Acquisition Corp.
Pivotal Acquisition Corp. 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 Companys 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.
Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the initial public offering and the anticipated use of the proceeds thereof, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements, including those set forth in the risk factors section of the prospectus used in connection with the Companys initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Companys expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.