Business
NewHold Investment Corp. II Files Proxy Statement to Obtain Stockholder Approval to Either Extend or Liquidate
NEW YORK--(BUSINESS WIRE)-- NewHold Investment Corp. II (“NHIC” or the “Company”) (NASDAQ: NHIC, NHICU) announced today that it has filed a proxy statement
About this update from Newhold Investment Corp Iii
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNewHold Investment Corp. II (“NHIC” or the “Company”) (NASDAQ: NHIC, NHICU) announced today that it has filed a proxy statement to seek stockholder approval to adopt two amendments to its Amended and Restated Certificate of Incorporation (\"Charter\").\n\nThe “Extension Amendment” would extend the date by which NHIC has to file a proxy with respect to a business combination from April 25, 2023 to June 25, 2023, and the “Termination Amendment” would give the Company the discretion to redeem all of its outstanding public shares and liquidate on December 28, 2022 in advance of the automatic termination date in its current Charter.\n\nWhile NHIC has some promising deal opportunities in its pipeline and continues to have discussions with these companies related to a potential transaction, challenging market conditions may impact its ability to announce a suitable merger by its deadline and therefore an extension may be necessary. In addition, it has been determined that there is a risk that shares redeemed after December 31, 2022 may be subject to the 1% excise tax imposed by the Inflation Reduction Act of 2022, in which case, absent guidance from the IRS prior to December 28, 2022, it may be in the best interest of the Company's stockholders to return cash in trust in 2022 if the Board of Directors determines that NHIC is unlikely to complete an initial business combination before its deadline.\n\n\"After considering numerous factors, including current market conditions and the potential risk that any redemptions in 2023 in connection with a liquidation or a business combination would be subject to the excise tax, we determined that it would be in the best interest of NHIC shareholders that the Board of Directors has the option and ability to either extend the date by which NHIC has to file a proxy in relation to a business combination or to dissolve prior to December 31, 2022,” said Kevin Charlton, Chief Executive Officer, NewHold Investment Corp. II. “Despite market turbulence and overall difficult sentiment around SPAC transactions, we were able to quickly build a high-quality pipeline of opportunities since our IPO in October last year. Ultimately, market conditions and transaction structure uncertainty have so far prevented our most viable opportunities from moving forward, but we continue to work ...