NewHold Investment Corp III, a blank check company formed by NewHold Enterprises targeting industrial technology, raised $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.
It is the 14th SPAC IPO of 2025 (IPO Pro only), in what is shaping up to be an active year for SPAC formation.
The New York, NY-based company 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. They are joined by NewHold Enterprises executives COO Samy Hammad (ex-Citigroup) and CFO Polly Schneck.
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 raised $175 million in 2021 but liquidated in 2023, and NewHold Investment, which completed its combination with security screening provider Evolv Technology (EVLV) in 2021.
NewHold Investment III plans to list on the Nasdaq under the symbol NHICU. BTIG acted as sole bookrunner on the deal.
