SPACInsider Logo
Pivotal (PVT) Adjourns Vote….Again
by Kristi Marvin on 2019-12-13 at 10:57am

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.




Recent Posts
by Marlena Haddad on 2022-12-07 at 1:22pm

D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...

by Nicholas Alan Clayton on 2022-12-07 at 1:14pm

EDOC Acquisition Corp. (NASDAQ:ADOC) has entered into a definitive agreement to combine with food oil processing company Australian Oilseeds at an enterprise value of $190 million. Australian Oilseeds manufactures food-grade, edible oils through several subsidiaries. Transaction Overview EDOC has an estimated $21.3 million in its current trust after seeing about 77.5% redemptions in extension votes....

by Marlena Haddad on 2022-12-07 at 11:35am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC BuzzFeed cuts 12% of staff citing worsening econ conditions  Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12%...

by Kristi Marvin on 2022-12-07 at 11:05am

What is your life insurance policy worth while you’re still living? This week, we speak with Abacus Life President and CEO Jay Jackson who may just want to buy yours. Abacus Life has made a business of buying consumer life insurance policies for upfront payments and holding them until maturity. To help bring this particular kind of transaction...

by Nicholas Alan Clayton on 2022-12-07 at 10:33am

Golden Falcon (NYSE:GFX) has entered into a definitive agreement to combine with freight aviation company MNG Airlines at an enterprise value of $676 million, or 5.8x its LTM adjusted EBITDA. Istanbul-based MNG Airlines operates air freight services to four continents with a fleet of nine jets. The combined company is expected to trade on the...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved