Increases Deal Size to $600 Million.
Churchill Capital just filed an amended prospectus around 1:45PM today, increasing their deal size to $600 million. This most likely means pricing is off tonight since the $150 million increase is larger than a 20% upsize and therefore, it does not qualify for rule 462(b).
However, stranger things have happened and maybe Citigroup can get this through the SEC today and still price tonight.
Additionally, B. Riley FBR has been added as an underwriter. This is a nice cover for B. Riley and they’ll certainly be able to help out with rounding up a minimum of 350 round lot shareholders needed to comply with a NYSE listing.
Updated Summary of Terms below:
- Focus: Technology / Software
- Size: $600 million
- 100% held in trust ($10.00 per share)
- At-risk Capital: $16.5 million (16,500,000 warrants at $1.00)
- $10.00 unit comprised of one share of Class A Common Stock + 1/2 of one Warrant
- 24 months to complete an acquisition
- Limitation on redemption rights: 15%
- Warrant call (cash/cashless): >$18.00
- Underwriter fees: 2.0% + 3.5% deferred
- Citigroup: sole bookrunner; co-manager: B. Riley FBR
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...