By Connor Hart
NewHold Investment Corp. III filed to offer up to almost 20.1 million units in its initial public offering.
The blank-check company said it will sell 17.5 million units at $10 each, according to a Thursday filing with the Securities and Exchange Commission.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, and each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 a share.
The company has also granted underwriters a 45-day option to purchase up to an additional roughly 2.6 million units to cover over-allotments. BTIG is listed as the offerings underwriter.
The company additionally expects to sell more than 700,000 units in a private placement simultaneous with its initial public offering.
NewHold said it will receive gross proceeds of about $182.1 million from the offering, or about $209 million if the over-allotment option is exercised. Both figures include proceeds from the private placement.
The company said it will use some of the proceeds to cover accounting, due diligence and travel expenses, as well as legal fees and liability insurance.
NewHold intends to apply to have its units listed on Nasdaq under the ticket NHICU. Once the securities comprising the units begin separate trading, it expects that Class A ordinary shares and warrants will be listed on Nasdaq under the tickets NHIC and NHICW, respectively.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 02, 2025 18:08 ET (23:08 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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