AUSTIN, Texas, Dec. 22, 2020 /PRNewswire/ -- E2open (the
"Company"), a leading network-based provider of 100% cloud-based,
end-to-end supply chain management software, and CC Neuberger
Principal Holdings I (NYSE: PCPL), a publicly traded special
purpose acquisition company, today provided an update on activities
as they move forward with their planned combination, including the
announcement of an additional $175
million fully-committed PIPE at $10 per share led by a very reputable and
highly-concentrated long-only investor. The PIPE also
includes support from one of the largest prior fundamental
investors in the transaction.
The additional PIPE will result in a total equity investment of
$1.3 billion raised in the
transaction, which will be used to pay down existing debt, purchase
a portion of the equity owned by existing E2open owners and
conservatively capitalize the Company's balance sheet. At closing,
it is expected that the company will have a net leverage ratio of
approximately 2.7x its fiscal year 2022 Pro Forma Adjusted EBITDA
of $121 million (February fiscal year
end).
"We are excited to add another blue-chip, long-term partner to
our investor base. This investment is a recognition of the
tremendous opportunity in front of us and unlocks further capacity
for investment in organic growth and a robust pipeline of
acquisition opportunities to drive shareholder value creation,"
said Michael Farlekas, Chief
Executive Officer of E2open.
CC Neuberger Principal Holdings I has set a record date of
December 23, 2020, and the
transaction is expected to close early in the first calendar
quarter of 2021. Management expects to provide a preliminary
update of the unaudited financial results from its third fiscal
quarter of 2021 in January.
About E2open
At E2open, we're creating a more connected, intelligent supply
chain. It starts with sensing and responding to real-time demand,
supply and delivery constraints. Bringing together data from
clients, distribution channels, suppliers, contract manufacturers
and logistics partners, our collaborative and agile supply chain
platform enables companies to use data in real time, with
artificial intelligence and machine learning to drive smarter
decisions. All this complex information is delivered in a single
view that encompasses your demand, supply and logistics ecosystems.
E2open is changing everything. Demand. Supply. Delivered.
Visit www.e2open.com.
E2open, the E2open logo, Harmony and INTTRA are registered
trademarks of E2open, LLC. All other trademarks, registered
trademarks and service marks are the property of their respective
owners.
About CC Neuberger Principal Holdings I
CC Neuberger Principal Holdings I is a special purpose
acquisition company that completed its initial public offering in
April 2020, raising $414 million in proceeds. Formed and led by
Chinh E. Chu, Douglas Newton, Charles
Kantor and other senior professionals of CC Capital and
Neuberger Berman, CC Neuberger Principal Holdings I is a blank
check company formed for the purpose of entering into a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. CC
Neuberger Principal Holdings I's Class A common shares, units, and
warrants trade on the NYSE under the symbols "PCPL" and "PCPL WS,"
respectively.
Additional Information
In connection with the proposed business combination, including
the domestication of CC Neuberger Principal Holdings I as a
Delaware corporation, CC Neuberger
Principal Holdings I has filed with the SEC a registration
statement on Form S-4 containing a draft proxy statement and a
draft prospectus of CC Neuberger Principal Holdings I, and after
the registration statement is declared effective, CC Neuberger
Principal Holdings I will mail a definitive proxy
statement/prospectus relating to the proposed business combination
to its shareholders. This announcement does not contain all the
information that should be considered concerning the proposed
business combination and is not intended to form the basis of any
investment decision or any other decision in respect of the
business combination. CC Neuberger Principal Holdings I's
shareholders and other interested persons are advised to read the
draft proxy statement/prospectus and the amendments thereto and the
definitive proxy statement/prospectus and other documents filed in
connection with the proposed business combination, as these
materials will contain important information about CC Neuberger
Principal Holdings I, the Company and the business combination.
When available, the definitive proxy statement/prospectus and other
relevant materials for the proposed business combination will be
mailed to shareholders of CC Neuberger Principal Holdings I as of a
record date to be established for voting on the proposed business
combination. Shareholders are able to obtain copies of the draft
proxy statement/prospectus, the definitive proxy
statement/prospectus and other documents filed with the SEC,
without charge, once available, at the SEC's website at
www.sec.gov, or by directing a request to: CC Neuberger Principal
Holdings I, 200 Park Avenue, New York,
NY 10166.
Participants in the Solicitation
CC Neuberger Principal Holdings I and its directors and
executive officers may be deemed participants in the solicitation
of proxies from CC Neuberger Principal Holdings I's shareholders
with respect to the proposed business combination. A list of the
names of those directors and executive officers and a description
of their interests in CC Neuberger Principal Holdings I is
contained in CC Neuberger Principal Holdings I's final prospectus
related to its initial public offering dated April 23, 2020, which was filed with the SEC and
is available free of charge at the SEC's web site at www.sec.gov,
or by directing a request to CC Neuberger Principal Holdings I, 200
Park Avenue, New York, NY 10166.
Additional information regarding the interests of such participants
will be contained in the proxy statement/prospectus for the
proposed business combination when available.
The Company and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
shareholders of CC Neuberger Principal Holdings I in connection
with the proposed business combination. A list of the names of such
directors and executive officers and information regarding their
interests in the proposed business combination is included in the
draft proxy statement for the proposed business combination.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of CC Neuberger Principal Holdings I or the Company, nor shall
there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act.
Forward Looking Statements
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements generally
relate to future events or CC Neuberger Principal Holdings I's or
the Company's future financial or operating performance. For
example, projections of future growth, financial performance, and
other metrics are forward-looking statements. In some cases, you
can identify forward-looking statements by terminology such as
"may", "should", "expect", "intend", "will", "estimate",
"anticipate", "believe", "predict", "potential" or "continue", or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by CC Neuberger
Principal Holdings I and its management, and the Company and its
management, as the case may be, are inherently uncertain. Factors
that may cause actual results to differ materially from current
expectations include, but are not limited to: (1) the occurrence of
any event, change or other circumstances that could give rise to
the termination of negotiations and any subsequent definitive
agreements with respect to the business combination; (2) the
outcome of any legal proceedings that may be instituted against CC
Neuberger Principal Holdings I, the combined company or others
following the announcement of the business combination and any
definitive agreements with respect thereto; (3) the inability to
complete the business combination due to the failure to obtain
approval of the shareholders of CC Neuberger Principal Holdings I,
to obtain financing to complete the business combination or to
satisfy other conditions to closing; (4) changes to the proposed
structure of the business combination that may be required or
appropriate as a result of applicable laws or regulations or as a
condition to obtaining regulatory approval of the business
combination; (5) the ability to meet stock exchange listing
standards following the consummation of the business combination;
(6) the risk that the business combination disrupts current plans
and operations of the Company as a result of the announcement and
consummation of the business combination; (7) the ability to
recognize the anticipated benefits of the business combination,
which may be affected by, among other things, competition, the
ability of the combined company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (8) costs related to the
business combination; (9) changes in applicable laws or
regulations; (10) the possibility that the Company or the combined
company may be adversely affected by other economic, business,
and/or competitive factors; (11) the Company's estimates of
expenses and profitability; and (12) other risks and uncertainties
set forth in the section entitled "Risk Factors" and "Cautionary
Note Regarding Forward-Looking Statements" in CC Neuberger
Principal Holdings I's final prospectus relating to its initial
public offering dated April 23,
2020.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither CC Neuberger
Principal Holdings I nor the Company undertakes any duty to update
these forward-looking statements.
The closing of the additional PIPE is conditioned upon the
closing of the proposed business combination. The intended
uses of the cash proceeds of the transaction assumes no redemptions
by shareholders of CC Neuberger Principal Holdings I.
Contacts
Investor Contacts
Michael Bowen
ICR, Inc.
Michael.Bowen@icrinc.com
203-682-8299
Marc P. Griffin
ICR, Inc.
Marc.Griffin@icrinc.com
646-277-1290
Media Contacts
CC Neuberger Principal Holdings I
CC Capital
Jonathan Keehner / Julie Oakes / Kate
Thompson
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
Neuberger Berman
Alex Samuelson
Alexander.Samuelson@NB.com
(212) 476-5392
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SOURCE CC Neuberger Principal Holdings I