NewHold Investment (NHIC) said Monday it closed the initial public offering of roughly 20.1 million units at $10 apiece for gross proceeds of about $201.3 million.

Underwriters fully exercised the overallotment option to purchase roughly 2.6 million additional units, the company said.

Each unit includes one Class A ordinary share and half of a redeemable warrant, it added.

The special purpose acquisition company said its units will trade on Nasdaq as "NHICU," while shares and warrants will trade separately as "NHIC" and "NHICW."

The company plans to use the funds from this offering and a private placement to complete its initial business combination, according to NewHold Investment.