CONX, a blank check company formed by TMT industry veteran Charles Ergen, filed on Thursday with the SEC to raise up to $1.0 billion in an initial public offering.
The Littleton, CO-based company plans to raise $1.0 billion by offering 100 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, CONX would command a market value of $1.25 billion.
The company is led by Chairman Charles Ergen, who is most widely known for co-founding DISH and managing the spin-off of DISH's technology and set-top box business into EchoStar, which is now publicly traded. Ergen is the current chairman of DISH and has had a hand in developing numerous TMT companies throughout his tenure. He is joined by CEO Jason Kiser, who has worked alongside Ergen for the past 30 years and holds the role of VP of Investor Relations at DISH. The SPAC intends to target the TMT industry with a specific focus on wireless communications.
CONX was founded in 2020 and plans to list on the Nasdaq under the symbol CONXU. Deutsche Bank is the sole bookrunner on the deal.
