E2open, a provider of cloud-based supply chain solutions, is once again a publicly traded company after completing its merger with a special purpose acquisition company.
The company has completed a merger with CC Neuberger Principal Holdings 1, a SPAC put together by Neuberger Berman, a Wall Street company, and CC Capital. That SPAC had an IPO in early 2020 to raise funds for a “blank check” company, which raises capital on the strength of its management team to then take those funds, acquire a company and make it public through the SPAC. The SPAC then announced its acquisition of E2Open in October.
E2Open will now be traded on the New York Stock Exchange under the ticker ETWO. In trading Friday, the price was $10.77 per share at approximately 2:30 p.m. CC Neuberger 1, like all SPACs, went public at $10 per share. The SPAC, which traded under a separate ticker on NYSE, will now be known as E2open Parent Holdings Inc. (There is also a CC Neuberger Principal Holdings 2, which is not part of the transaction).
In a prepared statement, E2Open said the terms of the transaction would be disclosed in an upcoming 8-K with the Securities and Exchange Commission, which has not been filed yet.
E2Open, had been a publicly traded company on the NASDAQ after going public in 2012. But it was purchased by investment firm Insight Venture Partners in 2015. In the announcement of the SPAC, Insight was described as the majority owner.
When the transaction was announced in October, E2open CFO Jarett Janik said that the company’s estimated revenue in the financial year that closes this month was expected to be $335 million, up from $305 million a year before. The estimate for fiscal 2022 is $367 million.