Churchill Capital Corp. III Upsizes to $800 Million
by Kristi Marvin on 2020-02-12 at 10:40pm

If you need further evidence of a hot, hot SPAC market, tonight Churchill Capital Corp. III, which only has a 1/4 warrant included in it’s unit and can remove $1.0 million per year of interest for working capital, STILL managed to upsize their offering by $200 million.  As of tonight, Churchill III’s offering is now $800 million, a size we haven’t come close to seeing since Silver Run II priced a $1,035.0 billion SPAC in March of 2017.  Since then, the largest sized SPAC has topped out at $690 million (with over-allotments).  However, keep in mind that if Churchill III completes their own full over-allotment, they can potentially raise $920 million when all is said and done.

This is a sizzling hot deal and IPO units are going to be scarce, even with an up-size, so chances are good that we see Churchill come out of the gate close to Gores IV’s high of $10.52 as a day-one open price.  This also means that former teams, like TPG Pace and Social Capital Hedosophia, and maybe even some new teams, will almost certainly go for a 1/4 warrant as well. Although, Chamath Palihapitiya (former CEO and Chairman of Social Capital Hedosophia), currently has his hands full as Chairman of Virgin Galactic (currently trading around $23.00).

It’s a new world when an $600 million, 1/4 warrant SPAC, can still upsize $200 million as a “blank check” company. But guess what….in a market like this, we can probably expect more changes. Look for envelopes to be pushed now that the 1/4 warrant is “normal”.  It’s not stopping here.

Summary of revised terms below:

Churchill III Summary of terms 2-12-20

 

 

Churchill Capital Corp. III Upsizes to $800 Million
Recent Posts
by Nicholas Alan Clayton on 2025-07-17 at 8:29am

At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...

by Kristi Marvin on 2025-07-16 at 5:33pm

Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...

by Nicholas Alan Clayton on 2025-07-16 at 8:18am

At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...

by Nicholas Alan Clayton on 2025-07-15 at 7:20pm

Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...

by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved