CC Neuberger Principal Holdings III today announced that it closed its initial public offering of 40,250,000 units at $10.00 per unit, which includes the exercise in full by the underwriters of their option to purchase an additional 5,250,000 units to cover over-allotments. Total gross proceeds from the offering were $402,500,000, before deducting underwriting discounts and commissions and other offering expenses. Each unit consists of one Class A ordinary share of the Company and one-fifth of one redeemable 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 "PRPC.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 "PRPC" and "PRPC.WS," respectively.

CC Neuberger Principal Holdings III, led by Chinh E. Chu, Matthew B. Skurbe, Douglas B. Newton, Jason K. Giordano, Charles C. 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.

Citigroup and Evercore ISI acted as joint book-running managers for the offering and Houlihan Lokey, Natixis, Nomura, Rothschild & Co, Loop Capital Markets and Academy Securities acted as co-managers for the offering.