(Reuters) – CONX Corp, a blank-check company led by billionaire Charles Ergen, is looking to raise around $1 billion in an initial public offering, it said on Wednesday.
The firm aims to sell 100 million units at $10 apiece and list its units on Nasdaq under the symbol “CONXU”, it said in a filing here.
Ergen is the chairman of satellite TV provider Dish Network Corp DISH.O and also serves as the chairman of satellite operator EchoStar Corp SATS.O.
A special acquisition company, or SPAC, is a shell vehicle that raises money in an IPO to buy and then merge with an unknown company, typically within two years. High-profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year.
Deutsche Bank Securities is the underwriter to CONX Corp’s offering.
Source: Reuters – Billionaire Charles Ergen-backed blank-check firm aims to raise bln in IPO