Michael Klein’s SPAC Churchill Capital Corp V prices upsized $450 million IPO at $10

Churchill Capital Corp V, the fifth blank check company founded by dealmaker and former Citi executive , raised $450 million by offering 45 million units at $10. Units consist of share of common stock and one-fourth of a warrant, exercisable at $11.50 per share. The company originally filed to raise $300 million, before increasing the size to $400 million in an amendment, and again upsizing at pricing.

The company is led by CEO and Chairman Michael Klein, the founder and Managing Partner of strategic advisory firm M. Klein and Company, and current director for Credit Suisse.

The SPAC plans to industries with compelling long-term growth prospects, opportunities to affect valuation improvements, attractive competitive dynamics, and consolidation opportunities. It plans to target businesses with competitive advantages, significant streams of recurring revenue, opportunity for operational improvement, attractive steady-state margins, high incremental margins, and attractive free cash flow characteristics.

The New York, NY-based company plans to list on the NYSE under the symbol CCV.U. Citi, Goldman Sachs, J.P. Morgan and BofA Securities acted as lead managers on the deal.

Source: Michael Klein's SPAC Churchill Capital Corp V prices upsized $450 million IPO at $10