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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 28, 2020 (April 23, 2020)

 

 

 

CC NEUBERGER PRINCIPAL HOLDINGS I 

(Exact name of registrant as specified in its charter)

 

 

 

Cayman Islands001-3927298-1526024
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. Employer
Identification Number)

 

200 Park Avenue, 58th Floor
New York, New York
10166
(Address of principal executive offices)(Zip Code)

 

Registrant’s telephone number, including area code:(212) 355-5515

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange
on which registered

Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-third of one redeemable warrant PCPL.U The New York Stock Exchange
Class A Ordinary Shares included as part of the units PCPL The New York Stock Exchange
Warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 PCPL WS The New York Stock Exchange

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth companyx

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

 

 

 

 

 

 

Item 1.01.Entry into a Material Definitive Agreement.

 

On April 23, 2020, the Registration Statement on Form S-1 (File No. 333-236974) (the “Registration Statement”) relating to the initial public offering (the “IPO”) of CC Neuberger Principal Holdings I (the “Company”) was declared effective by the U.S. Securities and Exchange Commission, and the Company subsequently filed, on April 23, 2020, a registration statement on Form S-1 (File No. 333-237817) pursuant to Rule 462(b) under the Securities Act of 1933, as amended, which was effective immediately upon filing. On April 28, 2020 the Company consummated the IPO of 41,400,000 units (the “Units”), which includes the exercise in full of the underwriter’s option to purchase an additional 5,400,000 Units at the initial public offering price to cover over-allotments. Each Unit consists of one Class A ordinary share, $0.0001 par value per share (the “Class A Ordinary Shares”), and one-third of one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A Ordinary Share at an exercise price of $11.50 per share. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $414,000,000. Further, in connection with the IPO, the Company entered into the following agreements previously filed as exhibits to the Registration Statement:

 

·an Underwriting Agreement, dated April 23, 2020, between the Company and Goldman Sachs & Co. LLC and BofA Securities, Inc., as representatives of the several underwriters named therein, which contains customary representations and warranties and indemnification of the underwriters by the Company;

 

·a Private Placement Warrants Purchase Agreement, dated April 23, 2020, between the Company and CC Neuberger Principal Holdings I Sponsor LLC (the “Sponsor”), pursuant to which the Sponsor purchased 10,280,000 private placement warrants, each exercisable to purchase one Class A Ordinary Share at $11.50 per share, at a price of $1.00 per warrant (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”);

 

·a Warrant Agreement, dated April 28, 2020, between the Company and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”), which sets forth the expiration and exercise price of and procedure for exercising the Warrants; certain adjustment features of the terms of exercise; provisions relating to redemption and cashless exercise of the Warrants; certain registration rights of the holders of Warrants; provision for amendments to the Warrant Agreement; and indemnification of the warrant agent by the Company under the agreement;

 

·an Investment Management Trust Agreement, dated April 28, 2020, between the Company and Continental Stock Transfer & Trust Company, as trustee, which establishes the trust account that will hold the net proceeds of the IPO and certain of the proceeds of the sale of the Private Placement Warrants, and sets forth the responsibilities of the trustee; the procedures for withdrawal and direction of funds from the trust account; and indemnification of the trustee by the Company under the agreement;

 

·a Registration and Shareholder Rights Agreement, dated April 28, 2020, between the Company, the Sponsor and certain equityholders of the Company, which provides for customary demand and piggy-back registration rights for the Sponsor, and customary piggy-back registration rights for such other equityholders, as well as certain transfer restrictions applicable to the Sponsor with respect to the Company’s securities, and, upon consummation of our initial business combination, the right of the Sponsor to nominate three individuals for election to the Company’s board of directors;

 

·a Letter Agreement, dated April 28, 2020, by and between the Company, the Sponsor and each of the executive officers and directors of the Company, pursuant to which the Sponsor and each executive officer and director of the Company has agreed to vote any Class A Ordinary Shares held by him or her in favor of the Company’s initial business combination; to facilitate the liquidation and winding up of the Company if an initial business combination is not consummated within 24 months; to certain transfer restrictions with respect to the Company’s securities; to certain indemnification obligations of the Sponsor; and pursuant to which the Company has agreed not to enter into a definitive agreement regarding an initial business combination without the prior consent of the Sponsor; and

 

 

 

·an Administrative Services Agreement, dated April 28, 2020, by and between the Company and the Sponsor, pursuant to which the Sponsor has agreed to make available office space and certain administrative and support services, as may be required by the Company from time to time, for $20,000 per month until the Company’s initial business combination or liquidation.

 

The above descriptions are qualified in their entirety by reference to the full text of the applicable agreement, each of which is incorporated by reference herein and filed herewith as Exhibits 1.1, 10.1, 4.1, 10.2, 10.3, 10.4 and 10.5, respectively.

 

Item 3.02.Unregistered Sales of Equity Securities.

 

Simultaneous with the consummation of the IPO and the issuance and sale of the Units, the Company consummated the private placement of 10,280,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, generating total proceeds of $10,280,000 (the “Private Placement”). The Private Placement Warrants, which were purchased by the Sponsor, are substantially similar to the Public Warrants, except that if held by the Sponsor or its permitted transferees, they (i) may be exercised for cash or on a cashless basis, (ii) are not subject to being called for redemption under certain redemption scenarios and (iii) subject to certain limited exceptions, will be subject to transfer restrictions until 30 days following the consummation of the Company’s initial business combination. If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company under all redemption scenarios and exercisable by holders on the same basis as the Public Warrants. The Private Placement Warrants have been issued pursuant to, and are governed by the Warrant Agreement.

 

Item 5.03.Amendments to Memorandum and Articles of Association.

 

On April 23, 2020 and in connection with the IPO, the Company adopted its Amended and Restated Memorandum and Articles of Association. The Amended and Restated Memorandum and Articles of Association is filed herewith as Exhibit 3.1 and is incorporated by reference herein.

 

Item 9.01.Financial Statements and Exhibits.

 

(d)

 

Exhibits.

1.1 Underwriting Agreement among the Company and Goldman Sachs & Co. LLC and BofA Securities, Inc., as representatives of the several underwriters named therein
3.1 Amended and Restated Memorandum and Articles of Association
4.1 Warrant Agreement between Continental Stock Transfer & Trust Company and the Company
10.1 Private Placement Warrants Purchase Agreement between the Company and CC Neuberger Principal Holdings I Sponsor LLC
10.2 Investment Management Trust Account Agreement between Continental Stock Transfer & Trust Company and the Company
10.3 Registration and Shareholder Rights Agreement between the Company, CC Neuberger Principal Holdings I Sponsor LLC and the other parties thereto
10.4 Letter Agreement between the Company, CC Neuberger Principal Holdings I Sponsor LLC and each of the executive officers and directors of the Company
10.5 Administrative Services Agreement between the Company and CC Neuberger Principal Holdings I Sponsor LLC

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: April 28, 2020

 

 CC NEUBERGER PRINCIPAL HOLDINGS I
  
 By:/s/ Douglas Newton
 Name:Douglas Newton
 Title:Chief Financial Officer