While it was anticipated that we would finally have the results of Pivotal Acquisition Corp.’s (PVT) shareholder vote to complete their combination with KLDiscovery today, unfortunately, Pivotal has adjourned their meeting. Again. The new meeting date will be held on Wednesday, December 18th, while the record date remains the same – November 18th.
The reason given again for the adjournment was, “The adjournment is intended to give the Company additional time to complete certain items necessary for the consummation of the Company’s proposed business combination with KLDiscovery…” As for what those “certain items” are, it’s probably not “administrative paperwork” at this point.
However, two adjournments in two days along with a vague reason means we’re left with a lot of questions about whether this deal is still on or if some sort of deal change is coming down the pike between now and the 18th. However, the fact is, Pivotal has a $150 million backstop from MGG and as of right now, they only need $25 million in trust to close. So perhaps the anticipated number of redemptions means the amount in trust is going to be below that $25 million dollar threshold or maybe KLDiscovery is getting cold feet? Or maybe it’s something entirely different, i.e., additional financing to make it 100% fully backstopped. The problem is, we don’t know. But two adjournments in two days generally means something up.
Looks like we’ll have to wait five more days to find out…you can read the press release HERE.
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