secwatch.observer — SEC 8-K summary
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Issuer:     CC Neuberger Principal Holdings III (—)
CIK:        0001821329
Form:       8-K
Filed at:   2023-02-06T23:59:59+00:00
Accession:  0001104659-23-011240
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 2.03, 5.03, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CC Neuberger SPAC extends business combination deadline to May 5, 2023; $362.8M redeemed
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- Shareholders approved extension of termination date from Feb 5, 2023 to May 5, 2023, with up to nine additional monthly extensions to Jan 29, 2024.
- Holders of 35,712,662 Class A shares redeemed for ~$10.16 per share, totaling ~$362.8M withdrawn from trust.
- Sponsor issued unsecured promissory note for up to $2.04M; initial $560K funded to trust on Feb 6, 2023.
- Up to $1.5M of note principal may be converted into warrants at $1.00 per warrant, identical to IPO private placement warrants.
- Redemption limitation amendment approved, allowing redemptions even if net tangible assets fall below $5M threshold.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1821329/000110465923011240/0001104659-23-011240-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1821329/000110465923011240/tm234963d3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-011240

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer