Newcleo Closes Business Combination With NewHold

MT Newswires Live

Sep 22

Newcleo plc said Monday it has closed its business combination with NewHold Investment Corp III (NHIC), following approval by NewHold shareholders on Sept. 17.

newcleo's ordinary shares and warrants will begin trading on the Nasdaq Global Select Market under tickers "NWCL" and "NWCLW" on Sept. 22.

The transaction valued newcleo at a pre-money equity value of about $2.4 billion and delivered roughly $247 million in gross proceeds, comprised of a $216 million PIPE and $31 million from NewHold's trust account.

An additional $75 million may become available under a previously disclosed forward purchase agreement.

Existing newcleo shareholders rolled over 100% of their equity, and the company's existing management team will continue leading the combined entity.

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