Churchill Capital Corp VI (NYSE:CCVI) and Churchill Capital Corp VII (NYSE:CVII) announced this afternoon that both companies have signed non-binding letters of intent (LOI) with unnamed targets.
Both SPACs did not disclose any information on the targets but noted that the private companies meet their investment criteria.
What makes today’s announcements interesting is that it just so happens to fall on the day that both SPACs were set to expire with a completion deadline of February 17. Having a signed LOI in hand means that both Churchill Capital VI and VII will now receive an automatic three-month extension. The companies now have until May 17 to complete their business combinations.
Churchill VI announced the pricing of its $480 million IPO in February 2021 and aims to combine with a business that generates stable free cash flow. Churchill VII announced the pricing of its IPO on the same day, but raised $1.2 billion in proceeds. The company hopes to combine with a business that has a capable management team that could benefit from the SPAC’s expertise. Both SPACs are led by CEO, President and Chairman Michael Klein alongside CFO Jay Taragin.
Since both announcements are just at the LOI stage, the SPACs will remain in SPACInsider’s “Searching” category until a definitive agreement is signed.
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