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Pivotal Acquisition Corp. Announces Closing of $230 Million Initial Public Offering
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Pivotal Acquisition Corp. Announces Closing of $230 Million Initial Public Offering

NEW YORK–(BUSINESS WIRE)–Pivotal Acquisition Corp. (NYSE: PVT.U) (the “Company”)
announced today that it closed its initial public offering of 23,000,000
units, including the full 3,000,000 units subject to the underwriters’
over-allotment option, at $10.00 per unit. The offering was priced at
$10.00 per unit, resulting in gross proceeds of $230,000,000.

The Company’s units began trading on the New York Stock Exchange
(“NYSE”) under the symbol “PVT.U” on January 31, 2019. Each unit
consists of one share of the Company’s Class A common stock, $0.0001 par
value per share (“Class A Common Stock”)
and one redeemable warrant (“Warrant”) with
each Warrant entitling the holder to purchase one share of Class A
Common Stock at a price of $11.50 per share. Once the securities
comprising the units begin separate trading, the Class A Common Stock
and Warrants are expected to be traded on the NYSE under the symbols
“PVT”, and “PVT WS”, respectively.

Cantor Fitzgerald & Co. acted as the sole book-running manager and BTIG,
LLC acted as lead manager of the offering.

Of the proceeds received from the consummation of the initial public
offering and a simultaneous private placement of warrants, $230,000,000
(or $10.00 per unit sold in the public offering) was placed in trust. An
audited balance sheet of the Company as of February 4, 2019 reflecting
receipt of the proceeds upon consummation of the initial public offering
and the private placement will be included as an exhibit to a Current
Report on Form 8-K to be filed by the Company with the Securities and
Exchange Commission (“SEC”).

Graubard Miller acted as counsel to the Company and Ellenoff Grossman &
Schole LLP acted as counsel to the underwriters.

The offering is being made only by means of a prospectus. Copies of the
prospectus may be obtained by contacting Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New
York 10022; Email: prospectus@cantor.com.
Copies of the prospectus can also be accessed through the SEC’s website
at www.sec.gov.

A registration statement relating to these securities has been filed
with the SEC and became effective pursuant to Section 8(a) of the
Securities Act of 1933, as amended, on January 31, 2019.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Pivotal Acquisition Corp.

Pivotal Acquisition Corp. is a blank check company organized for the
purpose of effecting a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization, or other similar business
combination with one or more businesses or entities. The Company’s
efforts to identify a prospective target business will not be limited to
any particular industry or geographic region, although the Company
initially intends to focus on target businesses in the following
segments: logistics technology and “last mile” delivery services,
business technology services, on-line cyber security and off-line
physical security services, media and entertainment services and
franchise businesses.

Forward Looking Statements

This press release includes forward-looking statements that involve
risks and uncertainties. Forward looking statements are statements that
are not historical facts. Such forward-looking statements, including
with respect to the initial public offering and the anticipated use of
the proceeds thereof, are subject to risks and uncertainties, which
could cause actual results to differ from the forward looking
statements, including those set forth in the risk factors section of the
prospectus used in connection with the Company’s initial public
offering. No assurance can be given that the offering discussed above
will be completed on the terms described, or at all, or that the net
proceeds of the offering will be used as indicated. The Company
expressly disclaims any obligations or undertaking to release publicly
any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company’s expectations with respect
thereto or any change in events, conditions or circumstances on which
any statement is based, except as required by law.

Contacts

Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212)
257-4170

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