Churchill Capital Corp II, the second blank check company founded by dealmaker and former Citi executive Michael Klein, raised the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $600 million by offering 60 million units at a price of $10. The company had previously filed to offer 40 million units at the same price. Each unit consists of one share of common stock and one-third of one warrant to purchase a share of common stock at $11.50 per share.
At $10 per unit, Churchill Capital Corp II will raise 50% more in proceeds than previously anticipated and command a market value of $750 million.
Churchill Capital Corp II was founded in 2019 and plans to list on the NYSE under the symbol CCX.U. Citi is the sole bookrunner on the deal.
