# EDGAR Filing Document

**Accession Number:** 0001835800
**File Stem:** 0001213900-23-015835
**Filing Date:** 2023-3
**Character Count:** 9580
**Document Hash:** a79afcaee3dfca72b067c27d11c6f499
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-015835.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001213900-23-015835

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pivotal Investment Corp III
- **CENTRAL INDEX KEY:** 0001835800
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 853415215
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40019
- **FILM NUMBER:** 23689672

**BUSINESS ADDRESS:**
- **STREET 1:** C/O GRAUBARD MILLER
- **STREET 2:** 405 LEXINGTON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174
- **BUSINESS PHONE:** (212) 818-8800

**MAIL ADDRESS:**
- **STREET 1:** C/O GRAUBARD MILLER
- **STREET 2:** 405 LEXINGTON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): February 28, 2023**

**PIVOTAL INVESTMENT CORPORATION III**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40019** | **85-3415215** |
| **(State or Other Jurisdiction<br> of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br> Identification No.)** |

---

**c/o Graubard Miller**

**The Chrysler Building**

**405 Lexington Avenue, 44th Floor**

**New York, NY 10174**

**(Address of Principal Executive Offices) (Zip Code)**

**(212) 818-8800**

**(Registrant's Telephone Number, Including Area Code)**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Securities registered pursuant to section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Units, each consisting of one share of Class A Common Stock and one-sixth of one redeemable warrant** | **PICC.U** | **The New York Stock Exchange** |
| **Class A Common Stock, par value $0.0001 per share** | **PICC** | **The New York Stock Exchange** |

---

Securities registered pursuant to section 12(g) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Redeemable warrants, exercisable for shares of Class A Common Stock at an exercise price of $11.50 per share** | **PICCW** | **OTC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**

On February 28, 2023, Pivotal Investment Corporation III (the "<u>Company")</u> received a written notice (the "<u>Notice")</u> from the staff of NYSE Regulation (the "<u>Staff"</u>) of the New York Stock Exchange ("<u>NYSE")</u> indicating that the Staff has determined to commence proceedings to delist the Company's Class A Common Stock and units, each consisting of one share of Class A Common Stock and one-fifth of one redeemable warrant (the "<u>Units</u>"), each warrant exercisable for one share of Class A Common Stock of the Company (the "<u>Warrants"</u>), from the NYSE pursuant to Section 802.01B of the NYSE's Listed Company Manual because the Company had fallen below the NYSE's continued listing standard requiring a listed acquisition company to maintain an average aggregate global market capitalization attributable to its publicly-held shares over a consecutive 30 trading day period of at least $40,000,000.

The Company has a right to a review of this determination by a Committee of the Board of Directors of the NYSE. Application to the Securities and Exchange Commission to delist the Company's Class A Common Stock and Units is pending, subject to the completion of all applicable procedures, including any appeal by the Company of the Staff's decision. The Company intends to appeal the determination.

Trading in the Class A Common Stock and Units on the NYSE will be suspended immediately. Effective as of March 1, 2023, the Class A Common Stock and units may be quoted and traded in the over-the-counter ("OTC") market under the ticker symbols "PICC" and "PICCU," respectively.

The Company issued a press release announcing the foregoing, a copy of which is attached as Exhibit 99.1.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

<u>Exhibit</u> <u>Description</u> <br> 99.1 [Press Release](ea174483ex99-1_pivotalinv3.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: March 1, 2023 | PIVOTAL INVESTMENT CORPORATION III | PIVOTAL INVESTMENT CORPORATION III |
|  | By: | /s/ Jonathan Ledecky |
|  |  | Jonathan Ledecky |
|  |  | Chairman |

---

## Exhibit 99.1

**Exhibit 99.1**

**Pivotal Investment Corp. III to Appeal Delisting Determination by NYSE**

**Stock and Units To Now Trade During Appeal Period on OTC as "PICC" and "PICCU"** 

New York, New York, March 01, 2023 (GLOBE NEWSWIRE) -- Pivotal Investment Corporation III ("Pivotal" or the "Company"), a special purpose acquisition company, today announced that it intends to appeal a decision by the staff of NYSE Regulation received on February 28, 2023 to commence proceedings to delist the Company's Class A Common Stock (NYSE: PICC) and the Company's units, comprised of shares of the Company's Class A Common Stock and one-fifth of one warrant, each whole warrant to purchase a share of Class A Common Stock (NYSE: PICC.U), from the NYSE.

Trading in these securities was suspended on the NYSE after the market close on February 28, 2023. Effective as of March 1, 2023, the Class A Common Stock and units may be quoted and traded in the over-the-counter ("OTC") market under the ticker symbols "PICC" and "PICCU," respectively.

The Company plans to appeal the decision by the staff of NYSE Regulation to a Committee of the Board of Directors of the NYSE, in accordance with Section 804.00 of the NYSE's Listed Company Manual. NYSE Regulation reached its decision to delist these securities pursuant to Section 802.01B of the NYSE's Listed Company Manual because the Company had fallen below the NYSE's continued listing standard requiring listed acquisition companies to maintain an average aggregate global market capitalization attributable to its publicly held shares over a consecutive 30 trading day period of at least $40,000,000.

**About Pivotal**

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 has focused 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 Jonathan Ledecky, Chairman of the Board, and Kevin Griffin, Chief Executive Officer and President.

**FORWARD-LOOKING STATEMENTS**

This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Company's filings with the SEC. Copies of filings by the Company are available on the SEC's website, <u>www.sec.gov</u>. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

<br> Greg Racz<br> Chief Operating Officer<br> **GRacz@mgginv.com**