There would be no 11.3 Update; The new season would be released instead

In the eleventh season of PUBG there will be no update number 11.3 - with the release of the next major patch in the game will start immediately the twelfth season. This was reported by dataminer PlayerIGN:

Next #PUBG update will be the start of Season 12 (Update 12.1), there won’t be an Update 11.3.

The result of a collaboration between PUBG Corporation and the Spanish motorcycle shop El Solitario will appear in PlayerUnknown's Battlegrounds on June 2. This was announced by the developers on Twitter.