Churchill Capital Corp. II (CCX.U), which filed a new S-1/A this morning, is expected to price their $400 million SPAC Thursday evening, for trading Friday, June 28th. Michael Klein, will once again be leading as Chairman of the Board of Directors along with his deep bench of “Operating Partners“.
Churchill II promises to be a heavily in demand deal, so there’s a real question of whether they up-size or not. If you recall, Churchill I, started at $400 million as well, and then increased their deal-size to $450 million. They then further up-sized to $600 million and subsequently did a full over-allotment to top out at $690 million. However, Churchill I’s day-one unit closing price was only $10.05. Up-sizes tend to suck the air out of the demand balloon and can impact day-one trading. However, given the success of Churchill’s combination with Clarivate, even if Churchill II does up-size, the unit should still out-perform Churchill I, as far as trading. Additionally, the trend has been for slightly smaller sized SPACs, so perhaps a more modest final gross proceeds raised is on the table.
There were no changes to the terms, however, the symbols have now been added (CCX.U, CCX, and CCX.WS). Additionally, B. Riley FBR has been added to the cover as a co-manager.
This SPAC (when priced) will make it number 28 for 2019’s year-to-date count and push total gross proceeds to $6.6 billion, assuming no up-sizes.
Summary of terms below:
Terms Tracker for the Week Ending May 3, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The big news this week was that SPACs finally had a new IPO price with Churchill Capital Corp. IX’s $250 million offering on Thursday. SPACs...
Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates...
At the SPAC of Dawn Coinbase (NASDAQ:COIN) notched a surprise profit of over $1.5 billion in the first quarter of 2024, well exceeding estimates, demonstrating the powerful effect of publicly traded ETFs have had on crypto marketplaces since the start of the year. The result has pushed the company to bump up its own guidance...
Online casino and sports company Rush Street (NYSE:RSI) is up +18.4% in trading today on the back of a solid first quarter earnings release, bringing the company’s stock to its highest price since the second half of 2022 (currently $7.60). This makes it the latest in a line of 2020 and 2021 de-SPACs that have...
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an...