Churchill Capital IX in an amended filing said its sponsor has subscribed to purchase 650,000 private placement units (or up to 725,000 units if the underwriters’ over-allotment option is exercised in full), at a price of $10 each, totaling $6.5 million (or up to $7.25 million if the underwriters’ fully exercise their option).
The private placement will close simultaneously with the closing of the new SPAC’s pending $250 million IPO. Each private placement warrant is exercisable to purchase a share at $11.50.
The SPAC also listed offering expenses of $1 million in connection with the IPO, which was initially registered in March.
In addition to founding his previous Churchill Capital SPACs, CEO, President and Director Michael Klein was previously CEO of Global Banking at Citi, CEO of Citi Markets & Banking, Europe, and Co-Head of Global Investment Banking for Salomon Smith Barney for the decade prior.
The SPAC intends to apply for a Nasdaq listing under the symbol CCIXU.
Citigroup is sole book-running manager on the deal.
Klein’s Churchill Capital VII has a merger agreement with UK-based SME owner CorpAcq. Churchill Capital VI and V dissolved. Churchill Capital Corp IV merged with EV maker Lucid in 2021, and Churchill Capital III merged with healthcare services provider MultiPlan in 2020. Read more.
