Pivotal Investment Corp. III (OTC: PICC) announced this afternoon that it has postponed its extension vote.
The meeting, originally scheduled for today, has been adjourned to August 11 at 11:00 a.m. to allow additional time for the SPAC to engage with its stockholders and effectuate redemption reversals.
As of now, Pivotal Investment Corp. III faces a completion deadline of August 11, but is hoping to gain shareholder approval to extend its timeline until February 11.
The SPAC initially raised $276 million in gross proceeds from its IPO in February 2021, but saw 92.67% of its trust redeemed during a previous vote, leaving it with approximately $20.42 million. It is still searching for a target to combine with, but intends to focus on finding a digital technology target in North America. The company is led by Jonathan Ledecky, Chairman of the Board, and Kevin Griffin, CEO and President.
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