SPACInsider Logo
Churchill Capital Corp V (CCV) Signs Non-Binding LOI
by Nicholas Alan Clayton on 2022-12-16 at 9:11am

Churchill Capital Corp V (NYSE:CCV) announced in an 8-K filing this morning that it has signed a non-binding letter of intent (LOI) to combine with a target company and will be extending its transaction deadline to March 18, 2023.

The filing gave no other hints about the target other than it is a “private company that meets the Company’s investment criteria and principles and with which the Company has had discussions over an extended period of time.”

Churchill V’s announcement cuts it close to the SPAC’s transaction deadline, which was coming up on Sunday, December 18 and it had not scheduled an extension vote. But, it automatically gains three months more on its clock with an LOI in hand under the terms of its prospectus.

The SPAC also announced that it would be holding its trust purely in cash rather than government securities or money market funds moving forward. This is done to avoid any risk that the SPAC might be classified as an unregistered investment company, which is still up for debate in the pending new SEC SPAC rule.

Other teams have made this change as well, including the recently liquidated Austerlitz I & II. In practical terms, it means that Churchill V will generate no further interest.

The Churchill team has two other SPACs currently searching without a definitive agreement in hand: CVII and CCVI. But these each have an extra two months with deadlines coming up on February 16, 2023.

Nonetheless, there has been a question about the future of this prominent SPAC team’s remaining vehicles since it was announced that Michael Klein, serial SPAC sponsor and both CEO and chairman of all three, was stepping up to lead Credit Suisse’s (NYSE:CS) spin-off CS Boston.

The answer is that Klein is still in the SPAC game for now, and he has given himself a bit more time to make a firm decision.

 

Recent Posts
by Marlena Haddad on 2023-03-31 at 5:15pm

Hudson Acquisition I Corp. (NASDAQ:HUDA) announced that it has signed a non-binding letter of intent (LOI) to combine with a pre-clinical-stage biotechnology company. The SPAC did not provide many details on the unnamed target, but disclosed that the biotech company is focused on developing intranasal preventives for major disease-causing respiratory viruses. As a condition to the target...

by Nicholas Alan Clayton on 2023-03-31 at 1:25pm

Heading into April, SPACs are to see eight sponsors and 11 de-SPAC’d companies freed from lock-ups and ready to trade. Most of these lock-up expirations are loaded into the final week of the month, but those hitting this milestone already next week include some of the more interesting transactions of the crop. In particular, MoonLake...

by Marlena Haddad on 2023-03-31 at 11:39am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims Trump-Tied SPAC’s Shares Jump After Historic New York Charge The...

by Kristi Marvin on 2023-03-30 at 7:37pm

Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...

by Marlena Haddad on 2023-03-30 at 5:39pm

Latest SPAC Liquidations: TCV Acquisition Corp. TCV Acquisition Corp. (TCVA) to Liquidate on April 13 TCV Acquisition Corp. (Nasdaq: TCVA) announced that it intends to dissolve and liquidate. It will redeem all of the outstanding Class A ordinary shares that were included in its initial public offering at a per-share redemption price of approximately $10.24. As...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved