CC Capital and Neuberger's third SPAC CC Neuberger Principal Holdings III prices $350 million IPO

CC Neuberger Principal Holdings III, the third blank check company formed by CC Capital and Neuberger Berman, raised $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise up to an additional $200 million at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of Neuberger Berman.

The company is led by CEO and Director Chinh Chu, the founder and Senior Managing Partner of CC Capital, and CFO Matthew Skurbe, who currently serves as CFO, COO, and Senior Managing Director of CC Capital. The company plans to target industries with compelling long-term growth, attractive competitive dynamics, consolidation opportunities, and low risk of technological obsolescence, focusing on businesses with high barriers to entry, significant streams of recurring revenue, and opportunity for operational improvement, among other characteristics.

Management's previous SPACs include CC Neuberger Principal Holdings II (PRPB.U; +13% from $10 offer price), which went public in July 2020, and CC Neuberger Principal Holdings I (PCPL; +13%), which went public in April 2020 and has a pending merger agreement with supply chain software maker E2open.

CC Neuberger Principal Holdings III plans to list on the NYSE under the symbol PRPC.U. Citi and Evercore ISI acted as lead managers on the deal.