NewHold Investment Corp. III has reported its financial results for the first quarter of 2025, revealing a significant increase in cash and cash equivalents, which rose to approximately $1.76 million from $55,000 at the end of 2024. The company’s total assets surged to $204.96 million, primarily due to the completion of its Initial Public Offering (IPO) on March 3, 2025, which generated gross proceeds of $201.25 million. The IPO included the full exercise of an underwriter's overallotment option, resulting in the issuance of 20,125,000 units, each priced at $10.00. The company also completed a private placement of 780,100 units, raising an additional $7.8 million.
In terms of operational performance, NewHold reported a net income of $393,000 for the three months ended March 31, 2025, despite incurring general and administrative costs of $267,000. The company generated other income of approximately $660,000, largely from interest earned on its Trust Account, which holds the proceeds from the IPO. This represents a notable shift from the previous fiscal period, where the company had not commenced operations and had no revenue. The increase in income reflects the company's strategic focus on managing its cash reserves effectively while preparing for its initial business combination.
The company has not yet identified a target for its initial business combination, which is a key focus moving forward. As of March 31, 2025, NewHold had approximately $202.91 million held in a Trust Account, which is designated for investment in U.S. government treasury obligations or money market funds. The company plans to utilize these funds for its business combination, which must involve a target with a fair market value equal to at least 80% of the net balance in the Trust Account. The management team is actively seeking potential business partners and is optimistic about identifying suitable candidates.
NewHold's operational metrics indicate a strong foundation for future growth, with a weighted average of 6,736,068 Class A ordinary shares outstanding and 6,707,663 Class B ordinary shares. The company has also established a commitment to maintaining a lean operational structure, with current liabilities reduced to $186,000 from $447,000 at the end of 2024. The company’s management has expressed confidence in its ability to navigate the current market conditions and is focused on executing its business strategy effectively.
Looking ahead, NewHold Investment Corp. III remains committed to completing its initial business combination within the stipulated timeframe. The company has indicated that it may need to raise additional funds to meet the financial requirements of a potential acquisition, particularly if the cash portion of the purchase price exceeds the available funds in the Trust Account. The management team is prepared to explore various financing options, including equity or debt issuances, to ensure the successful execution of its strategic objectives.
About NewHold Investment Corp. III
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