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.
Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
In This StoryCCXX.U
- Waste management company GFL Environmental relaunches IPO with lowered range of $20 to $21; adds $700 million equity unit offering
- Preclinical biotech Passage Bio sets terms for $126 million IPO
- High-growth medical device maker Inari Medical files for a $100 million IPO
- US IPO Week Ahead: One biotech to close out February