Michael Klein's Churchill Capital III prices $1 billion IPO at $10, largest SPAC ever
Churchill Capital Corp III, the third blank check company founded by dealmaker and former Citi executive Michael Klein, raised $1 billion by offering 100 million units at $10. There it commands a market cap of $1.2 billion. Each unit consists of one share of common stock and one fourth of one redeemable warrant, exercisable at $11.50. The company had previously upsized the deal to offer 80 million units, from an original 60 million units, and will raise 63% more in proceeds than originally anticipated.
Churchill Capital Corp III plans to list on the NYSE under the symbol CCXX.U. Citi and Goldman Sachs acted as lead managers on the deal.
The article Michael Klein's Churchill Capital III prices $1 billion IPO at $10, largest SPAC ever originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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