CC Neuberger Principal Holdings I (PCPL.U), a blank check company formed by CC Capital and Neuberger Berman, amended the terms of its upcoming IPO to be more favorable to new investors. In its latest filing, the company also added UBS Investment Bank and Nomura as underwriters.
The New York, NY-based company plans to raise $300 million at a $425 million market cap. It originally filed to offer units that contain a quarter of a warrant, but now intend to offer units that contain a third of a warrant (still exercisable at $11.50).
In the 1Q20, SPACs led by well-known and experienced executive teams had increasingly filed for IPOs with quarter warrants. CC Neuberger Principal I is the latest to improve terms for IPO buyers, following Social Capital Hedosophia II (IPOB.U) and Social Capital Hedosophia III (IPOC.U).
The company was formed by CC Capital, a New York-based private investment firm founded by CEO Chinh Chu, and Neuberger Berman, an investment solutions provider for institutions and individuals. In connection with the Neuberger Berman has agreed to invest up to $200 million in a private placement to occur concurrently with the initial business combination.
CC Neuberger Principal Holdings I was founded in 2020 and plans to list on the NYSE under the symbol PCPL.U. Goldman Sachs, BofA Securities, and UBS Investment Bank are the joint bookrunners on the deal.
