CONX, a blank check company formed by Charles Ergen targeting wireless communications, raised $750 million by offering 75 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company had originally filed to offer 100 million units at $10, before downsizing earlier this week.
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 a number of TMT companies throughout his tenure. The SPAC intends to target the TMT industry with a specific focus on wireless communications.
The Littleton, CO-based company plans to list on the Nasdaq under the symbol CONXU. Deutsche Bank acted as lead manager on the deal.
