Michael Klein is back with another SPAC.
Churchill Capital IX priced its initial public offering of 25 million units at $10 each. The units will be listed on the Nasdaq Global under the symbol CCIXU starting today. Each consists of one Class A share and one-quarter of a warrant. Whole warrants are exercisable at $11.50 for a share.
Once the securities begin separate trading, shares and warrants will be listed under the symbols CCIX and CCIXW.
The SPAC in regulatory filings has said it intends to target businesses that generate stable free cash flow and are sourced through Churchill’s proprietary channels.
Churchill Capital Corp IX was founded by SPAC veteran Klein, who is also the founder and managing partner of M. Klein and Company. In addition to founding his previous Churchill Capital SPACs, 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.
Citigroup is sole bookrunner and representative of the underwriters. The SPAC has granted the underwriters a 45-day option to purchase up to 3.75 additional units to cover over-allotments, if any.
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.
