Churchill Capital Corp. III (CCXX.U) Prices Upsized $1.0 Billion IPO

IPO-Pricing

Churchill Capital Corp. III (CCXX.U) Prices Upsized $1.0 Billion IPO

Feb 14, 2020 INTEL by Kristi Marvin
[Revised]

Churchill Capital Corp. III (CCXX.U), announced the pricing this morning of their upsized $1 billion SPAC IPO, and it has already begun trading today, Friday, February 14th, under the symbol NYSE: CCXX.U.

Notably, Churchill III set a new record, making today’s IPO the largest SPAC ever priced.  Additionally, if Churchill III exercises a full over-allotment, their total gross proceeds could eventually reach $1.15 billion, setting a new high water mark for SPAC IPOs.

As for Churchill III’s sector focus, CCXX.U will have a broad mandate and will be aided by its “Operating Partners”, which are comprised of former senior operating executives of leading S&P 500 companies across multiple sectors and industries, and their “Strategic Partners”, comprised of selected leading investors and financing providers. Michael Klein, will be leading the team as CEO, President and Chairman of the Board.

Total SPAC deal count for 2020 year-to-date is now 8 with $2.44 billion in gross proceeds raised. The offering is anticipated to close on Wednesday, February 19, 2020.

Congratulations to all.


Citigroup acted as global coordinator and joint book-running manager for the offering. Goldman Sachs also acted as joint book-running manager for the offering and Maxim Group LLC acted as co-manager. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Winston & Strawn LLP were Issuer’s Counsel and Underwriter’s Counsel, respectively. Marcum LLP acted as auditor.

 

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