France-based startup due to start trading today under ticker NWCL
France-based nuclear technology company Newcleo announced it has closed its business combination with NewHold Investment Corp III, a special purpose acquisition company (Spac)*, raising roughly $247m (€215m) in gross proceeds.
The company was due to begin trading on the Nasdaq Global Select Market under the ticker ‘NWCL’ on 22 September 2026.
The $247m is comprised of a $216m private investment in public equity and $31m from NewHold’s trust account. The deal valued Newcleo at a pre-money equity value of approximately $2.4bn.
A private investment in public equity, or Pipe, is when a publicly traded company sells shares or convertible securities directly to private or institutional investors at a discount, bypassing a traditional public offering.
NewHold’s shareholders approved the transaction at an extraordinary general meeting on 17 September 2026.
The combined company will keep Newcleo’s existing management, with a board led by Jeffrey Lyash, former president and chief executive officer of the Tennessee Valley Authority and Ontario Power Generation.
“Today we are reaching a new steppingstone that sets Newcleo up for long-term success,” said Stefano Buono, chief executive officer and co-founder.
He added the company aims to deliver “safe, clean, sustainable and competitive nuclear energy” from “the world’s greatest market for innovation capital”.
Newcleo develops lead-cooled fast reactors and mixed-oxide nuclear fuel production technology.
The company said it intends to use the proceeds to support operations in the US and Europe, complete a 10 MW(t) non-nuclear demonstrator in Italy, and advance regulatory interactions with US and French nuclear safety regulators.
* A Spac deal is a way for a private company to become publicly traded by merging with a pre-listed cash shell company. Often called a “blank check company”, a Spac has no commercial operations or business when it launches. Its only purpose is to raise money through an initial public offering (IPO) and use those funds to buy an existing private business.
