NewHold Investment Corp. III Annual Report - How They Did This Year

I’ve put together this guide to help you understand how NewHold Investment Corp. III performed this year. My goal is to turn complex filing information into plain English so you can decide if this company fits your investment goals.

1. What does this company do?

NewHold Investment Corp. III is a "blank check" company, also known as a SPAC. It doesn’t make products or provide services yet. Instead, it is a pool of money raised from investors to find and buy a private company and take it public.

The team hunts for "Industry 4.0" businesses, such as robotics, advanced manufacturing, and supply chain technology. They look for stable, profitable companies worth between $500 million and $1.5 billion that could grow faster with public market access.

2. Financial performance

Because they haven't bought a company yet, they don't have traditional sales or profit. Their main activity was their August 2021 IPO, where they raised $201.1 million. As of late 2025, they held about $209.2 million in a trust account. This money is invested in short-term U.S. Treasury securities, which earn interest to cover operating costs and protect your initial investment while they search for a target.

3. The team behind the curtain

The leadership team, headed by CEO Kevin Brown, has over 60 years of combined experience and has managed four previous SPACs. They use a network of over 100 family offices and institutional investors to find potential deals.

Their track record includes taking Evolv Technology (EVLV) public. Additionally, their second SPAC (NHIC II) liquidated the trust and returned about $10.00 per share to investors in 2023 after not finding a target company in time.

4. Financial health

The company is stable because its capital sits in a protected trust account. They aren't spending money on manufacturing or marketing. Their main costs are legal and administrative fees, which are covered by a $1.5 million loan from the sponsor. They have enough cash to support a deal, but they might need to raise more money if the target company is expensive.

5. Key risks

• The "Clock" Risk: The company faces a strict deadline to complete a deal. If they fail, they must close, return the money to shareholders, and dissolve.
• The "Post-Merger" Risk: There is no guarantee that the company they buy will succeed. Investors often face "de-SPAC" dilution, where many shareholders pull their money out, leaving the company with less cash and often causing the stock price to drop.
• Conflicts of Interest: The management team runs other investment vehicles. They may face conflicts when deciding how to spend their time or which companies to prioritize for acquisition.

6. Future outlook

The team is scouting for businesses with a strong competitive advantage, like unique technology or high barriers to entry. Until they announce a deal, your investment is a bet on this team’s ability to find a target, negotiate a good price, and get shareholder approval before their deadline.

Is this right for you? If you are considering an investment here, remember that you are essentially buying into the management team's ability to find a needle in a haystack. Since there is no underlying business yet, your primary protection is the cash held in the trust, but your primary risk is the uncertainty of if—and when—a deal will actually happen.