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XL Fleet Completes Merger with Pivotal Investment Corporation II, a Special Purpose Acquisition Company, Begins Trading on NYSE

The Mintz Energy & Sustainability team served as legal counsel to XL Fleet, a leader in vehicle electrification solutions for commercial and municipal fleets, in its completed merger with Pivotal Investment Corporation II (Pivotal; NYSE: PIC), a special purpose acquisition company (SPAC). The transaction, which was approved by Pivotal’s stockholders at its annual meeting held on December 21, resulted in the combined company being renamed “XL Fleet Corp.”, with its common stock and warrants to commence trading on the New York Stock Exchange at the opening of trading on December 22 under the ticker symbols “XL” and “XL WS”, respectively. XL Fleet’s market capitalization as of the close of trading on the NYSE on the date of closing was over $2 billion.

In connection with the merger and related private placement, XL Fleet received approximately $350 million in cash proceeds. The funds are expected to be used to advance XL Fleet’s position as a leader in fleet electrification through the development of new products, including all electric and Class 7-8 solutions, further the deployment of the company’s XL Grid charging infrastructure division and its complete “Electrification as a Service” offering, as well as to accelerate XL Fleet’s plans to expand internationally.

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.

The Mintz team that advised XL in the merger was led by Member and Chair of the firm’s Energy & Sustainability Practice Tom Burton, Member and Co-chair of the Energy & Sustainability Practice Sahir Surmeli, and Member Jeffrey Schultz. The team also included Members Judy Kwok and David Lagasse, Special Counsel Anne Bruno, and Associates Paula Valencia-Galbraith, Jenna Stewart, Michael Ginzburg, Garrett Galvin, Sebastian Bacon, and Natalie Groot. 

Mintz is a pioneering firm in the SPAC space and continues its leadership roles in life sciences and sustainability in the growing SPAC market. Having handled the first-ever NYSE SPAC transaction, the firm’s interdisciplinary team draws from decades of experience guiding clients in a broad spectrum of industries through the intricacies of SPAC financings. Notably, the firm has handled over 45 SPAC and reverse merger transactions and worked on several recent SPACs for multi-billion-dollar value companies. Please click here to learn more about Mintz’s SPAC Practice.