CC Neuberger Principal Holdings III Announces Pricing of $350 Million Initial Public Offering

Rhea-AI Summary

CC Neuberger Principal Holdings III announced the pricing of its initial public offering (IPO) of 35 million units at $10.00 each, set to begin trading on the New York Stock Exchange under the symbol PRPC.U on February 3, 2021. Each unit includes one Class A ordinary share and one-fifth of a warrant, allowing for the purchase of additional shares at $11.50 each. The IPO is expected to close on February 5, 2021, with underwriters having an option to purchase an additional 5.25 million units for overallotments.

Positive

• Successful pricing of IPO at $10.00 per unit, indicating strong demand.
• Potential to raise $350 million, enhancing growth opportunities.

Negative

• Issuance of new shares may lead to shareholder dilution.
• Market conditions could impact the successful completion of the IPO.

NEW YORK, Feb. 2, 2021 /PRNewswire/ -- CC Neuberger Principal Holdings III (the "Company") today announced the pricing of its initial public offering of 35,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange and trade under the ticker symbol "PRPC.U" beginning February 3, 2021. 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. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on the New York Stock Exchange under the symbols "PRPC" and "PRPC WS," respectively.

CC Neuberger Principal Holdings III, led by Chinh E. Chu, Matthew Skurbe, Douglas Newton, Jason K. Giordano, Charles 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 are acting as joint book-running managers for the offering and Houlihan Lokey, Natixis, Nomura, Rothschild & Co, Loop Capital Markets and Academy Securities are acting as co-managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, 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, 36^th 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.

The offering is expected to close on February 5, 2021, subject to customary closing conditions.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

For more information, please contact:

Matthew Skurbe
Chief Financial Officer
skurbe@cc.capital
(212) 380-8756

Media contacts:

Jonathan Keehner / Tim Ragones / Kate Thompson
Joele Frank, Wilkinson Brimmer Katcher 
(212) 355-4449

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SOURCE CC Neuberger Principal Holdings III

FAQ

What is the ticker symbol for CC Neuberger Principal Holdings III?

The ticker symbol for CC Neuberger Principal Holdings III is PRPC.U.

When will trading begin for PRPC.U?

Trading for PRPC.U is set to begin on February 3, 2021.

What is included in each unit of the IPO?

Each unit consists of one Class A ordinary share and one-fifth of a warrant.

What is the exercise price for the warrants associated with PRPC.U?

The exercise price for the warrants is $11.50 per share.

When is the closing date for the IPO?

The IPO is expected to close on February 5, 2021.