CC Neuberger Principal Holdings III Announces Pricing of $350 Million Initial Public Offering
News provided by
Share this article
Share this article
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.
REUTERS/Lucas Jackson This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
Special-purpose acquisition companies aka blank-check companies are having a moment on Wall Street. The investment vehicles raised more than $80 billion in 2020, more than five-times last year s total of $14 billion.
SPACs have recently attracted bold-faced names such as hedge-fund titan Bill Ackman, LinkedIn founder Reid Hoffman, Silicon Valley power player Dragoneer Investment Group, and Moneyball star Billy Beane.
But there s an ecosystem of advisors, salespeople, and lawyers pitching blank-check companies to investment platforms and wealthy people as viable financing options.
We spoke with more than a dozen industry insiders to come up with a list of the market s most influential players.