Churchill Capital Corp III, the third blank check company founded by dealmaker and former Citi executive Michael Klein, filed on Wednesday with the SEC to raise up to $600 million in an initial public offering.
The New York, NY-based company plans to raise $600 million by offering 60 million units at a price of $10. Units consist of one share of common stock and one fourth of a redeemable warrant, exercisable at $11.50.
The primary shareholder is Churchill Sponsor III (20% post-IPO stake), an affiliate of M. Klein Associates.
Michael Klein serves as a director for Credit Suisse, and a managing partner of M. Klein and Company, which he founded in 2012. Prior to that, he served various roles at Citi and Salomon Smith Barney from 1985 to 2008, most recently as Chairman and Co-CEO of Citi Markets and Banking. Michael Klein's previous SPACs Churchill Capital Corp II (CCX; 2019 IPO) is currently trading at $10.56 (5.6% from IPO) and the original Churchill Capital Corp (CCC;2018 IPO) acquired Clarivate Analytics and is currently trading at $20.75 (107.5% from IPO).
Churchill Capital Corp III was founded in 2019 and plans to list on the NYSE under the symbol CCXX.U. Citi and Goldman Sachs are the joint bookrunners on the deal.
