XL Fleet Is Now All Set To Go Public by Merging With the SPAC Pivotal Investment Corp II (PIC) as the Shareholders Have Approved the Merger Agreement

XL Fleet

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

XL Fleet, a provider of electrification solutions for commercial and municipal fleets, is about to become a public entity by merging with the Special Purpose Acquisition Company (SPAC), Pivotal Investment Corp II (NYSE:PIC).

XL Fleet and Pivotal Investment Corp II (NYSE: PIC) Are Now About to Close Their Merger Agreement

We reported a few days back that Pivotal Investment shareholders would vote on the proposed merger agreement with XL Fleet during a special meeting on the 21st of December. Well, the meeting was convened as per the schedule with the following proposals placed on the docket for deliberation:

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  • The Business Combination Proposal: To approve and adopt the merger agreement, dated the 17th of September 2020.
  • The PIPE Proposal: To approve the issuance of 15 million Pivotal Class A common shares in a private placement at a price of $10.00 per share, netting $150 million in gross proceeds.
  • The Charter Proposals: To increase the number of authorized Class A common shares to 350 million; to remove provisions in the charter related to Class B common shares; to approve various necessary changes to the amended and reinstated certificate of incorporation, including changing the name of the combined company to XL Fleet Corp.
  • The Director Election Proposal: To elect nine directors on the board.
  • The Incentive Plan Proposal: To approve the 2020 Equity Incentive Plan.
  • The Adjournment Proposal: To adjourn the special meeting to a later date.

Pivotal Investment shareholders have now approved all proposals, paving the way for the closure of the merger agreement with XL Fleet. Once that occurs, the shares of the combined company will start to trade on the NYSE under the ticker symbol XL (NYSE: XL). Moreover, the combined company will adopt the name XL Fleet Corp. upon the closure of the merger agreement. Pivotal shares are currently up over 23 percent in the pre-market trading.


As a refresher, XL Fleet is currently a leading provider of fleet electrification services in North America, with over 3,200 electrified powertrain systems sold to date, clocking in over 130 million miles. The company’s XL Hybrid (XLH) and XL Plug-In (XLP) powertrains utilize regenerative braking to provide additional energy during acceleration. Moreover, the XLP powertrains supplement regenerative braking power with an AC electricity source, including a level 1 or level 2 charger. Cumulatively, these powertrains improve a vehicle’s mileage by 25 to 50 percent. Additionally, XL Fleet is currently developing the XL Electric option – a fully electric powertrain driven entirely by batteries – as well as one based on hydrogen fuel cells.

Along with providing electrification options to a wide range of vehicles, including Class 7-8 tractor chassis and electrified refuse vehicles, XL Fleet also plans to offer charging solutions through the XL Grid service. In addition, its Electrification-as-a-Service solution would finance and manage vehicles, powertrains, as well as charging and energy storage systems.

As far as the financials are concerned, XL Fleet expects to earn $21 million in revenue in 2020. However, this top-line metric is expected to swell to $281 million in 2022. By 2024, the company expects to earn around $1.4 billion in revenue.

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