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.
Terms Tracker for the Week Ending January 31, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw three new SPAC IPOs price, bringing the January and year-to-date IPO count to eight and underlining an active start to 2025....
The shortest month of the year nonetheless features new liquidity events for nine SPAC sponsors and 10 de-SPACs that at least a trio of which can be excited about. The de-SPACs being released from lock-ups this month with most to gain will also in most cases be the ones that will have to wait until...
Fifth Era Acquisition Corp I (NASDAQ:FERAU) has filed for a $200 million SPAC to potentially make another run at a blockchain or crypto transaction after the team’s first attempt fell short of sealing a deal. The new SPAC is offering investors a right to a 1/10 share in each unit, but it is not overfunded...
At the SPAC of Dawn It’s a handy trick to be able to tell the market you’re undervalued and have it respond by doubling your market cap on the day. That is roughly what went down yesterday with retail technology firm Alpha Modus (NASDAQ:AMOD) yesterday. Its CEO William Alessi took to a press release to...
At the SPAC of Dawn Another SPAC is joining the pack today with Stellar V Capital Corp. (NASDAQ:SVCCU) set to make its debut in today’s session, but there has also been news that could be encouraging for SPACs on the other end of their timeline. When faced with the choice of rushing whatever deal could...