(Reuters) – Churchill Capital Corp V CCV_u.N, a special purpose acquisition company (SPAC) backed by former Citigroup banker Michael Klein, upsized its initial public offering to $400 million on Thursday.
The blank-check company said it now looks to sell 40 million units at $10 per unit, according to a regulatory filing. Each unit consists of one share of its Class A common stock and one-fourth of one redeemable warrant.
Klein’s fifth investment vehicle had previously intended to sell 30 million units.
The move by Klein, a seasoned SPAC investor, is in contrast to a number of SPACs this week filing to downsize their IPOs, a sign that SPAC investors are more willing to write larger checks than to back experienced investors.
A blank-check company backed by private equity firm Cerberus Capital Management downsized its offering on Monday.
SPACs typically raise money in an IPO to pursue an acquisition without telling their investors in advance which specific company they will buy.
This year, a clutch of private companies have gone public by merging with blank-check companies.
Earlier in the year, healthcare services provider MultiPlan inked an $11 billion deal to go public by merging with another entity of Churchill Capital.
Churchill Capital Corp V will list its units on the New York Stock Exchange under the symbol “CCV.U”.
Citigroup, Goldman Sachs & Co, J. P. Morgan and BofA Securities are joint bookrunners of the IPO.
Source: Reuters – Michael Klein’s SPAC Churchill Capital Corp V upsizes IPO