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Stock Alert: Pivotal Investment Gains 17% On Merger Deal With XL

Pivotal Investment Corp. II (PIC) shares are bullish on Friday morning trade as XL Fleet, a Commercial Vehicle Electrification Solutions provider has agreed to merge with Pivotal. XL plans to list on NYSE upon combination under the ticker 'XL.'

PIC shares are currently at $12.41, up 17.35 percent from its previous close of $10.59 on 9,942,508 shares. For the 52-week period, the shares have traded in a range of $9.50 to $12.65 on average volume of 102,310.

XL noted that the combined company would receive approximately $350 million of proceeds of cash at closing, assuming no redemptions of Pivotal's existing public stockholders. The fund will be used to scale for core profitability, new products, and services, expand internationally, pay down or prepay debt, and for general corporate purposes.

The transaction is expected to be completed in the fourth quarter of 2020.

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