[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.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...