Davis Polk advised the representative of the several underwriters, in connection with the initial public offering of 40,250,000 units of CC Neuberger Principal Holdings III, including 5,250,000 units purchased pursuant to the full exercise of the underwriters’ option to purchase additional units, for aggregate proceeds of $402.5 million. Each unit consists of one Class A ordinary share and one-fifth of one warrant to purchase one Class A ordinary share of CC Neuberger Principal Holdings III. The units were listed on the New York Stock Exchange under the symbol “PRPC.U.”
CC Neuberger Principal Holdings III, led by Chinh E. Chu, Matthew B. Skurbe, Douglas B. Newton, Jason K. Giordano, Charles C. Kantor and other senior professionals of CC Capital and Neuberger Berman, is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. CC Neuberger Principal Holdings III is not limited to a particular industry or geographic region for purposes of consummating a business combination.
The Davis Polk corporate team included partners Derek Dostal and Deanna L. Kirkpatrick and associate Joze Vranicar. The tax team included partner Mario J. Verdolini. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York office.