Why Pivotal Investment II Moved 11% Higher Today
Shares of special purpose acquisition company (SPAC) Pivotal Investment II (NYSE: PIC) were up more than 11% as of 9:45 a.m. EST Wednesday after the company set a date for a shareholder vote on its planned merger with XL Fleet.
XL Fleet is a vehicle electrification company that currently focuses on turning commercial and municipal internal combustion engine vehicle fleets into plug-in hybrid drive systems. XL Fleet also has plans to expand to fully electric systems and ancillary businesses.
Pivotal Investment announced yesterday shareholders will vote on Dec. 21 for the proposed merger to bring XL Fleet to the public markets.
Source Fool.com
