CC Neuberger Principal Holdings I Closes $414 Million Initial Public Offering

April 28, 2020

NEW YORK , April 28, 2020 /PRNewswire/ -- CC Neuberger Principal Holdings I (the "Company"), today announced that it closed its initial public offering of 41,400,000 units at $10.00 per unit, which includes the exercise in full by the underwriters of their option to purchase an additional 5,400,000 units. Total gross proceeds from the offering were $414,000,000 , before deducting underwriting discounts and commissions and other offering expenses. Each unit consists of one Class A ordinary share of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. The units are listed on the New York Stock Exchange under the symbol "PCPL.U". Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols "PCPL" and "PCPL WS," respectively.

CC Neuberger Principal Holdings I , led by Chinh E. Chu , Douglas Newton , Charles Kantor and other senior professionals of CC Capital and Neuberger Berman , 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. While the Company may pursue a business combination in any industry, the Company intends to focus its search for a business that would benefit from the founders' and management team's experience and ability to identify, acquire and manage a business in the financial, technology and business services sectors.

Goldman Sachs & Co. LLC , BofA Securities, Inc. and UBS Investment Bank acted as joint book-running managers for the offering and Nomura acted as co-manager for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Goldman Sachs & Co. LLC , Attn: Prospectus Department, 200 West Street , New York, New York 10282, telephone: (212) 902-1171 or email: ; BofA Securities, Inc. , Attn: Prospectus Department, One Bryant Park , New York, New York 10036, telephone: (800) 294-1322 or email: ; or UBS Securities LLC , Attn: Prospectus Department, 1285 Avenue of the Americas , New York, New York 10019, telephone: (888) 827-7275 or email: .

A registration statement relating to the securities became effective on April 23, 2020 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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 any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's offering filed with the Securities and Exchange Commission (" SEC "). Copies are available on the SEC's website, . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

For more information, please contact:

Douglas Newton
Chief Financial Officer
(212) 207-8647

Media contacts:

CC Capital
Jonathan Keehner / Julie Oakes / Kate Thompson
Joele Frank , Wilkinson Brimmer Katcher
(212) 355-4449

Neuberger Berman
Alex Samuelson
(212) 476-5392

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SOURCE CC Neuberger Principal Holdings I