CONX, a blank check company formed by Charles Ergen targeting wireless communications, lowered the proposed deal size for its upcoming IPO on Monday.
The Littleton, CO-based company now plans to raise $750 million by offering 75 million units at a price of $10. The company had previously filed to offer 100 million units at $10. Each unit will still consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the revised deal size, CONX will raise -25% less in proceeds than previously anticipated.
CONX is the latest and largest in a series of SPACs to lower the proposed deal size. Another large SPAC, Bluescape Opportunity Acquisition (BOAC.U), announced on Monday it would lower its proposed deal size to $575 million.
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 (Nasdaq: SATS). Ergen is the current chairman of 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.
