Pivotal Investment Corporation III (NYSE:PICC.U) announced private placement of 6,550,000 pre-paid warrants at a price of $1 per warrant for gross proceeds of $6,550,000 on February 8, 2021. The company has entered into warrant purchase agreement with the investor. The transaction involves participation from existing investor, Pivotal Investment Holdings III LLC and certain individuals. Each private placement warrant is exercisable for one share of class A common stock at a price of $11.50 per share. Once the warrants become exercisable, the company may redeem the outstanding warrants for cash. The company may allot up to 720,000 additional warrants if the over-allotment option is exercised in full. The transaction will close concurrently with closing of public offering which is February 11, 2021.