Exhibit 99.1
Pivotal Announces Effectiveness of Registration Statement and Annual Meeting of Stockholders to Approve Proposed Merger with XL Fleet to be
Held December 21, 2020
Record Date for Annual Meeting of Stockholders is December 7, 2020
Upon Closing, Combined Company Stock and Warrants Will Trade on NYSE Under XL and XL WS Ticker Symbols
New York December 8, 2020 Pivotal Investment Corporation II (NYSE: PIC) (Pivotal), a publicly
traded special purpose acquisition company, today announced that its annual meeting of stockholders (the Annual Meeting) to consider the previously announced merger agreement with XL Fleet has been set for December 21, 2020.
Stockholders of record as of December 7, 2020 (the Record Date) will be eligible to vote at the Annual Meeting.
Pivotal also announced
that the U.S. Securities and Exchange Commission has declared effective its registration statement on Form S-4 (as amended, the Registration Statement), which includes a definitive proxy
statement/prospectus in connection with the Annual Meeting.
Kevin Griffin, a Pivotal Director, said, We are pleased to reach this significant
milestone in the merger process, which brings XL Fleet one step closer to becoming a public company. Over the past several months, XL Fleet has reinforced our conviction that it will emerge as a winner in the vehicle electrification market. We look
forward to completing the planned merger and for XL Fleet to scale to new heights as a public company.
Tod Hynes, XL Fleet Founder and Chief
Strategy Officer, added, Since announcing the merger in September, XL Fleet has maintained our strong momentum, achieving record quarterly revenues, launching our XL Grid charging infrastructure division, expanding our plug-in hybrid electric product line onto GM vehicles and securing meaningful new orders. Pending approval by Pivotal stockholders and completion of the merger, XL Fleet will be well positioned to extend its
leadership in commercial vehicle electrification by continuing to enhance its broad suite of fleet electrification solutions to its established and expanding base of over 200 customers.
Upon closing, the combined company will be named XL Fleet Corp. and its common stock and warrants will remain listed on the New York Stock Exchange under the
new ticker symbols, XL and XL WS, respectively.
Pivotal encourages all PIC stockholders to protect their investment and vote
FOR ALL PROPOSALS in advance of the Annual Meeting scheduled for 9:00 a.m., Eastern Time, on December 21, 2020, by telephone, via the Internet or by signing, dating and returning the proxy card upon receipt by following the easy
instructions on the proxy card.
Your Vote Is Important, No Matter How Many or How Few Shares You Own!
If you have any questions or need assistance voting, please contact D.F. King & Co., Inc., our proxy solicitor, by calling (800) 249-7120 or by email to XLFleet@dfking.com.
About XL Fleet
XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 140 million miles
driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleets electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon
dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleets electric drive system was named one of TIME
magazines best inventions of 2019.