Charles Ergen's TMT SPAC, CONX Corp., lowers deal size by 25% ahead of $750 million IPO
CONX, a blank check company formed by Charles Ergen targeting wireless communications, lowered the proposed deal size for its upcoming IPO on Monday.
The Littleton, CO-based company now plans to raise $750 million by offering 75 million units at a price of $10. The company had previously filed to offer 100 million units at $10. Each unit will still consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the revised deal size, CONX will raise -25% less in proceeds than previously anticipated.
CONX is the latest and largest in a series of SPACs to lower the proposed deal size. Another large SPAC, Bluescape Opportunity Acquisition (BOAC.U), announced on Monday it would lower its proposed deal size to $575 million.
The company is led by Chairman Charles Ergen, who is most widely known for co-founding DISH and managing the spin-off of DISH's technology and set-top box business into EchoStar, which is now publicly traded (Nasdaq: SATS). Ergen is the current chairman of DISH. The SPAC intends to target the TMT industry with a specific focus on wireless communications.
CONX was founded in 2020 and plans to list on the Nasdaq under the symbol CONXU. Deutsche Bank is the sole bookrunner on the deal.
The article Charles Ergen's TMT SPAC, CONX Corp., lowers deal size by 25% ahead of $750 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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