Churchill Capital Corp V in an 8-K disclosed it has signed a non-binding letter of intent for a busines combination with a target that meets its investment criteria. The SPAC also pushed back its merger deadline from this month to March 18, 2023.
Additionally, to mitigate the risk of being deemed an unregistered investment company under the SEC’s proposed rules regarding SPACs, Churchill V said it instructed its trustee to liquidate the U.S. government securities or money market funds held in trust and hold all funds in cash until the SPAC completes a business combination or liquidates.
Churchill V raised $500 million in a December 2020 IPO. Read more.