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
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”,
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 Fleet’s 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 Fleet’s electric drive system was named one of
TIME magazine’s best inventions of 2019.