CC Neuberger Principal Holdings III closes $402.5m IPO

CC Neuberger Principal Holdings III, the third blank check company formed by CC Capital and Neuberger Berman, has closed its IPO at $402.5 million after pricing its 40.25 million shares at $10 per share.

CC Neuberger Principal Holdings III, the third blank check company formed by CC Capital and Neuberger Berman, has closed its IPO at $402.5 million after pricing its 40.25 million shares at $10 per share. The stock is listed on the New York Stock Exchange under the ticker symbol “PRPC.U.” Citigroup and Evercore ISI were the lead underwriters.

PRESS RELEASE

NEW YORK, Feb. 5, 2021 /PRNewswire/ — CC Neuberger Principal Holdings III (the “Company”) today announced that it closed its initial public offering of 40,250,000 units at $10.00 per unit, which includes the exercise in full by the underwriters of their option to purchase an additional 5,250,000 units to cover over-allotments. Total gross proceeds from the offering were $402,500,000, before deducting underwriting discounts and commissions and other offering expenses. Each unit consists of one Class A ordinary share of the Company and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. The units are listed on the New York Stock Exchange under the symbol “PRPC.U.” Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols “PRPC” and “http://PRPC.WS,” respectively.

CC Neuberger Principal Holdings III, led by Chinh E. Chu, Matthew B. Skurbe, Douglas B. Newton, Jason K. Giordano, Charles C. Kantor and other senior professionals of CC Capital and Neuberger Berman, is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Citigroup and Evercore ISI acted as joint book-running managers for the offering and Houlihan Lokey, Natixis, Nomura, Rothschild & Co, Loop Capital Markets and Academy Securities acted as co-managers for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-800-831-9146 and Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, Telephone: 888-474-0200, Email: ecm.prospectus@evercore.com.

The registration statement relating to the securities became effective on February 2, 2021 in accordance with the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.