NEW YORK--(BUSINESS WIRE)--Pivotal Investment Corp. III announced today that it closed its initial public offering of 27,600,000 units, including the full 3,600,000 units subject to the underwriters’ over-allotment option, at $10.00 per unit, generating total gross proceeds of $276,000,000. The units are listed on the New York Stock Exchange and began trading on Tuesday, February 9, 2021, under the ticker symbol “PICC.U”. Each unit consists of one share of the Company’s Class A common stock and one-fifth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and redeemable warrants are expected to be listed on the NYSE under the symbols “PICC” and “PICC WS,” respectively.

Pivotal Investment Corp. III is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. While the Company may pursue an initial business combination target in any industry or geographic location, it intends to focus its search on 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. The Company is led by Kevin Griffin, Chief Executive Officer and President, and Jonathan Ledecky, Chairman of the Board. Mr. Griffin is also the Chief Executive Officer and Chief Investment Officer of MGG Investment Group, LP, a private investment firm.