NewHold Investment II, the second 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.
The company is led by CEO Kevin Charlton, who is the Co-Chairman of NewHold Enterprises and previously co-founded private equity firm River Hollow Partners, and Chairman Thomas Sullivan, who is a partner at investment firm Standard General. The company plans to target industrial technology businesses with an aggregate enterprise value of $700+ million, focusing on those that are using advanced data analytics, software, artificial intelligence, and cutting edge instrumentation and process automation.
NewHold Investment II plans to list on the Nasdaq under the symbol NHICU. Stifel acted as sole bookrunner on the deal.
