Pivotal Investment Corporation III
PICC-UN
New York Stock Exchange9.98
USD
- -
- -
CIK
0001835800
Return %
Stock
S&P500
1Y
1.71
26.53
3Y
-6.03
76.60
5Y
-6.03
80.11
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Kevin F. Griffin
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- The Chrysler Building New York City NY United States of America 10174
- IPO Date
- Feb 9, 2021
- CIK
- 0001835800
- Website
- pivotalicc.com
- Similar Companies
- Business
- Pivotal Investment Corporation III (NYSE:PICC-UN) operates as a blank check company, or special purpose acquisition company (SPAC), with no significant ongoing business operations. The company seeks to effect a merger, capital stock exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, focusing on high-growth opportunities in North America within industries ripe for disruption from digital technology, evolving distribution patterns, and shifts in consumer purchase behavior. Incorporated in Delaware on October 6, 2020, and headquartered at The Chrysler Building, 405 Lexington Avenue, New York, New York, the company raised $276 million in its initial public offering on February 9, 2021, through the issuance of 24 million units at $10 each, upsized from an initial target and underwritten by Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. Each unit consisted of one share of Class A common stock and one-fifth of a warrant exercisable at $11.50. The company is led by Chairman Jonathan J. Ledecky, a veteran SPAC sponsor and co-owner of the New York Islanders NHL team; Chief Executive Officer and President Kevin F. Griffin, founder and CIO of MGG Investment Group; and Chief Financial Officer James H. R. Brady. In a major development, Pivotal Investment Corporation III abandoned efforts to extend its operational deadline amid heavy shareholder redemptions totaling nearly 93% of its trust account, leaving approximately $20.4 million from the original IPO proceeds. The company commenced liquidation of its trust account on August 14, 2023, with public shares deemed cancelled thereafter and redemption payments distributed to shareholders shortly following. No merger target was identified during its 24-month tenor plus optional six-month extension, marking the cessation of active operations as of 2023.