NewHold Investment II announced that although its shareholders approved giving management the option to dissolve and redeem today, the SPAC’s board has opted to continue searching for a merger partner.
NHIC II’s sponsor earlier this month entered into an Excise Tax Backstop Agreement in which the backstop party committed to fund up to $1 million of any excise tax liability if the SPAC is unable to complete a business combination and liquidates.
The SPAC raised $175 million in an October 2021 IPO to acquire one or more industrial technology businesses with an aggregate enterprise value of $700 million or greater. Read more.
