CC Neuberger Principal Holdings I, today announced that it closed its initial public offering of 41,400,000 units at $10.00 per unit, which includes the exercise in full by the underwriters of their option to purchase an additional 5,400,000 units. Total gross proceeds from the offering were $414,000,000, before deducting underwriting discounts and commissions and other offering expenses. Each unit consists of one Class A ordinary share of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. The units are listed on the New York Stock Exchange under the symbol "PCPL.U". Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols "PCPL" and "PCPL WS," respectively.

CC Neuberger Principal Holdings I, led by Chinh E. Chu, Douglas Newton, Charles Kantor and other senior professionals of CC Capital and Neuberger Berman, is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination in any industry, the Company intends to focus its search for a business that would benefit from the founders' and management team's experience and ability to identify, acquire and manage a business in the financial, technology and business services sectors.

Goldman Sachs & Co. LLC, BofA Securities, Inc. and UBS Investment Bank acted as joint book-running managers for the offering and Nomura acted as co-manager for the offering.