Churchill Capital VII priced its IPO of 120 million units at $10 per unit, up from the 100 million units registered in an amended filing earlier this week and a more than threefold upsize from the 30 million units the SPAC initially planned to offer.
Units begin trading today on the NYSE under CVII.U. Each consists of one share of Class A common stock and one-fifth of one warrant, each whole warrant entitling the holder to purchase a share of Class A common stock at $11.50. Once the securities constituting the units begin separate trading, stock and warrants will list under CVII and CVII WS, respectively.
The SPAC is led by CEO and Chairman Michael Klein, founder and managing partner of strategic advisory firm M. Klein and Company. His Churchill VI also priced today, at $480 million.
Churchill V raised $450 million in December. In unconfirmed news reports, Churchill IV is in merger talks with electric vehicle maker Lucid Motors.
Churchill VII in SEC filings has said it will “focus on a target in an industry where we believe our management team and founder’s expertise will provide us with a competitive advantage.” Read more.
