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NHIC

Proxy cardLife supportPubCo NWCL

NewHold Investment Corp III

Merging with newcleo Ltd. · PubCo NWCL

Deal announced 2026-05-27

Pulse

91

↓Life-support risk

0–100 vitality — and a read on how the book feels about this shell.

Life support

% done

62%

Path to close

Price

$10.62

Mkt 293.25M

What is Pulse?

SPAC Pulse measures the current vitality of a deal on a 0–100 scale. A new IPO starts near 50 — a healthy heart with room both ways. It is not weakening just because nothing has printed yet. Weakening is a tag for a slowing beat (stalling cadence), not a quiet shell. 10-Q / 10-K on time is a good beat; an NT is a deficiency. File the report late, then file the NT late, and Pulse falls — that is how public investors read whether management is on top of the shell. Filing recovers some of it. It never pretends the miss did not happen. When other new IPOs file that window on time, they are no longer equal — those shells are healthier. High readings mean the deal book is accelerating; low readings flag life-support risk. Full methodology lives on the desk.

Rate + Lead II · 25 mm/s

Pulse Timeline

Top trace is the Pulse rate. Bottom is the filing lead — R-wave when the rate lifts, QS when it slows. Height is the change.

0255075100II
  1. 08-10 DEFM14A
  2. 08-12 DEFM14A
  3. 08-12 Proxy card
  4. 08-15 10-Q deadline missed
  5. 09-22 Listing deficiency
  6. 10-07 Now
Auto interpretation · Lead II printoutLife supportPulse 91

QRS is weak or missing. Cadence stalled, cash is thin, or the book went quiet.

Silent 56dBeats/90d 5Recent gap 3d

Marks on this strip

  • 04-01NT (late notice). Late-notice. Housekeeping, scored as a miss until the 10-Q/10-K lands. -8
  • 05-18NT (late notice). Late-notice. Housekeeping, scored as a miss until the 10-Q/10-K lands. -7
  • 08-03F-4/A. Comments coming back. Beat sped up. +6
  • 08-06F-4/A. Comments coming back. Beat sped up. +5
  • 08-10DEFM14A. Card is in. Late-stage tell. +10
  • 08-12DEFM14A. Card is in. Late-stage tell. +2
  • 08-12Proxy card. Card is in. Late-stage tell. unchanged
  • 08-1510-Q deadline missed. Periodic report. Pulse -2 — calendar, not the S-4.
  • 09-22Listing deficiency. Exchange notice that day. It belongs on this date, not today. Pulse does not double-haircut an already-slow book.
  • 10-07Now. No new filing. Rate holds from the last mark.

Impression: QRS is weak or missing. Cadence stalled, cash is thin, or the book went quiet.

  • · Amendment gaps are shrinking — the beat is speeding up.
  • · No S-4/F-4 beat in 56 days.

Unconfirmed machine read · not medical advice · not financial advice

Historical context

Proxy card / DEFM14A in the archive

Precedent from 26 names in the Pulse archive (closed, liquidated, and broken deals). Archive base rate is one input; live beat speed then moves Pulse. Not a forecast.

Close rate
100%
Median days left
34
Archive n
26

After a proxy card / DEFM14A, similar deals closed in a median of 34 days (IQR 28–38). Literature close rate at that stage is about 96%.

Status

In Review

Exchange

—

Rights

No

Warrants

Listed

CIK

0002043699

IPO date

2025-02-28

Market cap

293.25M

Days to deadline

—

SEC tickers

NHIC, NHICU, NHICW

Sponsor

—

S-4 / F-4 filer

Holdco · newcleo Ltd.

Fiscal year

December 31

Next filing

10-Q 2026-11-14

Vote

—

Schedule

What is due next

Fiscal year
Ends December 31 · 10-K cover
This window
10-Q due 2026-08-14 · open
Next due
10-Q 2026-11-14Period 2026-09-30
Pulse
unchanged

10-Q for period ended 2026-06-30 is still open. Vote package is on file — many shells skip that last periodic because the S-4 already carries the numbers. Pulse does not haircut a close-path book for it.

Meetings

Proxy is in the exhibits. Meeting date is not printed yet.

Price history

Delayed exchange prints — common, rights, units, warrants when listed. Last price is in the header. This tape does not move Pulse.

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S-4 amendment timeline

Shrinking gaps mean the deal is progressing. The tag says whether that filing cleared a checklist, dropped a hurdle, or repriced the deal.

  • Merging company

    On file

    newcleo Ltd.

  • Close timing Q&A

    Gap

    S-4 has a close Q we have not captured.

  • Meeting Q&A

    Gap

    No meeting Q captured.

  • Proxy card

    On file

    Form of proxy is in the exhibits. Late-stage tell.

  • 10-Q / 10-K

    Open

    10-Q for period ended 2026-06-30 is still open. Vote package is on file — many shells skip that last periodic. Pulse does not haircut a close-path book for it.

  1. 4252026-08-26

    FORM 425

  2. DEFM14A2026-08-12

    DEFM14A

  3. 4252026-08-11

    FORM 425

  4. DEFM14A2026-08-10

    DEFM14A

  5. F-4/A2026-08-06

    F-4/A — newcleo Ltd. (NWCL)

Show 38 more filings
  1. F-4/A2026-08-03

    F-4/A — newcleo Ltd. (NWCL)

  2. F-4/A2026-07-27

    F-4/A — newcleo Ltd. (NWCL)

  3. 4252026-07-09

    FORM 425

  4. 4252026-07-09

    FORM 425

  5. 4252026-07-09

    FORM 425

  6. 4252026-07-08

    FORM 425

  7. F-42026-07-06

    F-4 — newcleo Ltd. (NWCL)

  8. 4252026-06-30

    FORM 425

  9. 4252026-06-22

    FORM 425

  10. 4252026-06-17

    FORM 425

  11. 4252026-06-15

    FORM 425

  12. 4252026-06-12

    FORM 425

  13. 4252026-06-10

    FORM 425

  14. 4252026-06-03

    FORM 425

  15. 4252026-06-01

    FORM 425

  16. 4252026-06-01

    FORM 425

  17. 4252026-05-29

    FORM 425

  18. 4252026-05-29

    FORM 425

  19. 8-K2026-05-28

    Item 1.01 Entry Into A Material Definitive Agreement

  20. 4252026-05-28

    CURRENT REPORT

  21. 8-K2026-05-27

    Item 1.01 Entry Into A Material Definitive Agreement

  22. 4252026-05-27

    FORM 425

  23. 4252026-05-27

    FORM 425

  24. 4252026-05-27

    FORM 425

  25. 4252026-05-27

    FORM 425

  26. 4252026-05-27

    FORM 425

  27. 4252026-05-27

    CURRENT REPORT

  28. 10-Q2026-05-18

    10-Q

  29. NT 10-Q2026-05-18

    NT 10-Q

  30. 10-K2026-04-01

    10-K

  31. NT 10-K2026-04-01

    NT 10-K

  32. 10-Q2025-11-13

    10-Q

  33. 10-Q2025-08-14

    10-Q

  34. 10-Q2025-05-13

    10-Q

  35. 8-K2025-04-15

    CURRENT REPORT

  36. 8-K2025-03-12

    AMENDMENT NO. 1 TO FORM 8-K

  37. 8-K2025-03-07

    CURRENT REPORT

  38. 8-K2025-03-06

    CURRENT REPORT

Your notes

Saved on this device only.

Journal

On NHIC

All notes

Journal

Latest journal

All notes
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