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Blank-check firm backed by billionaire Charles Ergen cuts IPO size

Credit: REUTERS/ANDREW KELLY

CONX Corp, a blank-check company led by billionaire Charles Ergen, downsized its initial public offering on Monday, the latest special-purpose acquisition company (SPAC) to cut its offering size in recent weeks.

Oct 26 (Reuters) - CONX Corp, a blank-check company led by billionaire Charles Ergen, downsized its initial public offering on Monday, the latest special-purpose acquisition company (SPAC) to cut its offering size in recent weeks.

The company is now looking to raise $750 million, selling 75 million shares at $10 apiece, its regulatory filing showed. It had earlier aimed to raise $1 billion.

Ergen is the chairman of satellite TV provider Dish Network Corp DISH.O and also serves as the chairman of satellite operator EchoStar Corp.

Deutsche Bank Securities is the underwriter for CONX's offering.

Blank-check firm Bluescape Opportunities Acquisition Corp also downsized its offering on Monday, now looking to raise as much as $575 million from an earlier aim of $700 million. (https://bit.ly/3jrtSlz)

Several SPACs like Acies Acquisition Corp, led by former MGM Resorts International MGM.N CEO James Murren, have downsized their offerings recently, even as others backed by more experienced sponsors continue to see high investor demand for their blank-checks.

Two SPACs backed by venture investor Chamath Palihapitiya upsized their IPOs earlier this month.

(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)

((Niket.Nishant@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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