On July 31, 2020, CC Capital and Neuberger Berman’s sponsored SPAC, CC Neuberger Principal Holdings II, raised $828 million in an initial public offering by issuing 82.8 million units at an offering price of $10.00 per unit. Each of the 82.8 million units has an offering price of $10.00 and consists of one share of Class A common stock and one-fourth of one Redeemable Warrant. Loop Capital Markets served as a co-manager on the deal.
CC Neuberger Principal Holdings II intends to deposit all the net proceeds from this offering into a trust account. The proceeds will not be released until the earliest to occur of: the completion of an initial business combination, the redemption of the public shares issued in this offering if unable to complete an initial business combination within 24 months from the closing of this offering, and the redemption of the public shares properly submitted in connection with a shareholder vote to approve an amendment to CC Neuberger Principal Holdings II’s amended and restated memorandum and articles of association that would affect the substance or timing of its obligation to provide for the redemption of its public shares in connection with an initial business combination or to redeem 100% of its public shares if an initial business combination doesn’t occur.