Churchill Capital Corp VII, the seventh blank check company founded by dealmaker and former Citi executive Michael Klein, raised the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $1.0 billion by offering 100 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit still consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the revised deal size, Churchill Capital Corp VII will raise 233% more in proceeds than previously anticipated.
The company is led by CEO and Chairman Michael Klein, the founder and Managing Partner of strategic advisory firm M. Klein and Company. He previously held various roles at Citi and Salomon Smith Barney from 1985 to 2008, most recently as Chairman and Co-CEO of Citi Markets and Banking. CFO Jay Taragin is the CFO of M. Klein and Company. The SPAC plans to target businesses that generate stable free cash flow, are sourced through Churchill's proprietary channels, and has a committed and capable management team, among other characteristics.
Klein's other SPACs include Churchill Capital Corp VI (CCVI.U), Klein's sixth SPAC, which plans to raise $400 million; Churchill Capital Corp V (CCV.U; +26% from $10 offer price), which went public in December 2020; Churchill Capital Corp IV (CCIV; +247%), which raised $1.8 billion in July 2020 and is reportedly in talks to merge with Lucid Motors; Churchill Capital Corp III, which went public in February 2020 and completed its merger with MultiPlan (MPLN; -21%) in October; Churchill Capital Corp II (CCX; +3%), which went public in June 2019 and has a pending merger agreement with Skillsoft and Global Knowledge; and Churchill Capital Corp, which went public in September 2018 and acquired Clarivate Analytics (CCC; +189%) in May 2019.
Churchill Capital Corp VII was founded in 2020 and plans to list on the NYSE under the symbol CVII.U. Citi, J.P. Morgan, Goldman Sachs and BofA Securities are the joint bookrunners on the deal.
