CC Neuberger Principal Holdings II operates as a blank check company, or special purpose acquisition company (SPAC), whose principal business activity is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, recapitalization, or similar business combination with one or more businesses; it conducts no significant operations and generates no revenues pending completion of such a transaction. Incorporated in 2020 as a Cayman Islands exempted company and headquartered at 200 Park Avenue, 58th Floor, New York, New York, the company targets growth-oriented businesses primarily in North America and select international markets across sectors where its sponsors' expertise in private equity, asset management, insurance, investment banking, and corporate finance can provide strategic value. Sponsors include CC Capital Partners, Neuberger Berman, and Principal Financial Group, with leadership comprising professionals such as CEO Chinh E. Chu and CFO Matthew Skurbe. The company completed its initial public offering in September 2020, raising approximately $828 million in proceeds held in trust, with shares and warrants trading on the New York Stock Exchange under the ticker PRPB. As of late 2025, CC Neuberger Principal Holdings II has not consummated a business combination and continues efforts to identify suitable acquisition targets.