Securities are joint bookrunners of the IPO. (Reuters) - Churchill Capital Corp V CCV_u.N, a special purpose acquisition company (SPAC) backed by former Citigroup banker Michael Klein, upsized its initial public offering to $400 million on Thursday. SPACs typically raise money in an IPO to pursue an Over the years, their popularity has ebbed and flowed, and right now, they're flowing. special purpose acquisition company (SPAC) backed by former In the past, Stad has backed companies including Spotify (SPOT) and Uber Technologies (UBER), so he's looking for growth. Last month, the educational technology companies Global Knowledge Training LLC and Skillsoft Ltd. agreed to merge with and go public through his Churchill Capital Corp. II. "So, we're looking to marry a unicorn. Pershing Square Capital Management's various funds acquired $1 billion of the units in the offering and have a right to buy another $2 billion, giving the SPAC $5 billion in cash to go hunting for a company. This amount is typically some nominal figure (often $25,000), issued at $0.002 per share or some other smallish figure. RedBall Acquisition units will trade under the ticker RBAC.U after the offering. The blank-check company said it now looks to sell 40 million units at $10 per unit, according to a regulatory filing. If it sounds a lot like private equity, that's because it is. Now, We Wait. While it doesn't have a specific target in mind, Sagansky and Sloan's experience in media and entertainment suggests the eventual acquisition will be related to these industries. Earlier in the year, healthcare services provider MultiPlan inked an $11 billion deal to go public by merging with another entity of Churchill Capital. 7 Small-Cap Tech Stocks That Pack a Punch, The Kiplinger Washington Editors, Inc., is part of the Dennis Publishing Ltd. Group.All Contents © 2020, The Kiplinger Washington Editors, U.S. markets surged Wednesday amid a still-to-be-decided election that was pointing in Joe Biden's favor, but with no 'blue wave.'. And entrepreneurs are looking for a faster pathway to the public markets. Oct 22 (Reuters) - Churchill Capital Corp V, a special purpose acquisition company (SPAC) backed by former Citigroup banker Michael Klein, upsized its initial public offering to $400 million on Thursday. Last month, the educational technology companies Global Knowledge Training LLC and Skillsoft Ltd. agreed to merge with and go public through his Churchill Capital Corp. II. Should it have a letter of intent, the time frame extends to 30 months. Small-cap technology stocks might be a rollercoaster ride to hold, but their oversized upside potential makes them worth exploring. The company, renamed Global Eagle Entertainment (ENT) after the combination, has not been a success. Although it is free to target any industry, RedBall plans to narrow its search to professional sports franchises. One of their SPACs, DiamondEagle, ended up merging with DraftKings (DKNG). The special purpose acquisition company (SPAC) might be the hot new trend, but it has been around since the 1980s. Continuing the success of our prior acquisition vehicle, Churchill Capital Corp II is a special purpose acquisition company (or SPAC) which raised $690 million in its IPO in June 2019 and is now listed on the New York Stock Exchange (NYSE: CCX.U). DirecTV is expected to be valued at about $15 billion in a deal, the people said. Each unit consists of one share of its Class A common stock and one-fourth of one redeemable warrant. In June, RedBird Capital acquired 85% of Toulouse FC, a team in France's Ligue 2, from Olivier Sadran, the CEO of airline catering firm Newrest. As its name would imply, the SPAC intends to acquire a company currently operating in the North American energy industry. Updates with Klein’s response in seventh paragraph. Earlier in the year, healthcare services provider MultiPlan The price tag including debt then was $67.1 billion. SPACs are often referred to as "blank check" companies because investors get nothing but a best-efforts agreement from the sponsors' management team that it will combine with an operating business within a specific time frame, usually 18 to 24 months. His first SPAC, Churchill Capital, raised $600 million in September 2018 and completed an acquisition eight months later. M. Klein and Company is a global strategic advisory firm that provides its clients a variety of advice tailored to their objectives. Reporting by C Nivedita in Bengaluru; Editing by Maju Samuel. The blank-check company said it now looks to sell 40 million units at $10 per unit, according to a regulatory filing. Amount raised: $4.0 billion. It is not looking for a business with significant undeveloped acreage. ©2020 Churchill Capital II, All Rights Reserved. Oct 22 (Reuters) - Churchill Capital Corp V, a special purpose acquisition company (SPAC) backed by former Citigroup banker Michael Klein, upsized its initial public offering to $400 million on Thursday. There's little doubt that, if elected, Joe Biden will try to raise taxes for some people. Churchill Capital Corp V, a special purpose acquisition company (SPAC) backed by former Citigroup banker Michael Klein, upsized its initial public offering to $400 million on Thursday. one-fourth of one redeemable warrant. Once the funds are raised, the clock starts ticking. The blank-check company said it now looks to sell 40 million merging with blank-check companies. Stock Market Today 11/3/20: Stocks Rally on Election Day. CEO Marc Stad is a 41-year-old investment wunderkind who Fortune magazine has named a "40 Under 40" member on more than one occasion. The SPAC then has a specified amount of time (typically 18 or 24 months) to conclude a business combination. The move by Klein, a seasoned SPAC investor, is in contrast Our founder, Michael Klein, is also the founder and managing partner of M. Klein and Company, which he founded in 2012. All quotes delayed a minimum of 15 minutes. After years of growing through acquisitions, AT&T is culling assets under new CEO John Stankey as it faces pressure from activist investor Elliott Management Corp. — With assistance by Crystal Tse, and Kiel Porter, DirecTV would be valued at $15 billion in deal with Churchill, AT&T under pressure from investor Elliott to trim assets. than to back experienced investors. No final decision has been made and AT&T could opt to not proceed with any potential transaction, the people said. Churchill Capital Corp V will list its units on the New York Stock Exchange under the symbol "CCV.U". Typically, 90% of the funds raised from investors in the IPO are deposited in a trust account that pays interest on those funds. It wants producing high-margin assets. Before 2020, the average SPAC might raise $500 million if it were lucky. The blank-check company said it now looks to sell 40 million units at $10 per unit, according to a regulatory filing. (Reporting by C Nivedita in Bengaluru; Editing by Maju Samuel), Lone Star Said to Weigh Options for $3 Billion Stark Group. entity of Churchill Capital. Churchill Capital Corp V comes on the heels of Klein's most recent SPAC, Churchill Capital Corp IV (CCIV; -1% from $10 offer price), which raised $1.8 billion in July. ©2020 Churchill Capital IV, All Rights Reserved. If you're OK with parking some cash for up to two years to let Pegula find a gem, the funds held in the trust account will pay 1% interest. Our strategy is to identify and complete our initial business combination with a company in an industry that complements the experience and expertise of our management team, Board of Directors and Operating Partners who are comprised of a group of individuals from leading Fortune 500 Companies. It's a one-of-a-kind entity," Ackman told Yahoo Finance in July. Capital Management downsized its offering on Monday.