Churchill Capital VI and VII on Feb. 17 both announced the signing of letters of intent for a merger. As it happens, Feb. 17 was also the deadline for both spacs to close a deal, so by securing LOIs each has an automatic three-month extension to complete a transaction, according to the governing bylaws for the SPACs. Now they have until May 17, according to SEC filings.
Churchill VI in an 8-K filed Friday said it had been in discussions with its LOI partner “over an extended period of time.”
Churchill VII in an 8-K filed the same day used identical language to describe the discussions with its target.
Churchill Capital VI raised $480 million in a February 2021 ipo. Churchill Capital VII priced at $1.2 billion on the same day as its sister SPAC two years ago.
Both companies are led by CEO and Chairman michael klein, founder and managing partner of strategic advisory firm M. Klein and Company. Read more.