NewHold Investment III, a blank check company formed by NewHold Enterprises targeting industrial technology, filed on Thursday with the SEC to raise up to $175 million in an initial public offering.
The New York, NY-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, NewHold Investment III would command a market value of $240 million. The trust will be initially overfunded at $10.05 per unit.
NewHold Investment III is led by CEO Kevin Charlton, the Co-Chairman of industrial tech holdco NewHold Enterprises, and Chairman Thomas Sullivan, whose previous roles include serving as Managing Partner of financial advisory services firm Smallwood Partners. The SPAC plans to target industrial technology businesses with an aggregate enterprise value of $700 million or greater, focusing on those that align with several key themes commonly referred to as "Industry 4.0," such as transportation and logistics, distribution and supply chain, and value added manufacturing and robotics, among others.
Management's previous SPACs include NewHold Investment II (NHICU.XX), which liquidated in 2023, and NewHold Investment, which completed its combination with security screening provider Evolv Technology (Nasdaq: EVLV; -60% from $10 offer price) in 2021.
NewHold Investment III was founded in 2024 and plans to list on the Nasdaq under the symbol NHICU. The company filed confidentially on November 5, 2024. BTIG is the sole bookrunner on the deal.
