Churchill Capital X, a blank check company founded by dealmaker and former Citi executive Michael Klein, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Michael Klein, the founder and Managing Partner of strategic advisory firm M. Klein and Company. He previously held various roles at Citi and Salomon Smith Barney. CFO Jay Taragin is the CFO of M. Klein and Company. The SPAC plans to target businesses that generate stable free cash flow, are sourced through Churchill's proprietary channels, and have a committed and capable management team, among other characteristics.
Churchill Capital X plans to list on the Nasdaq under the symbol CCCXU. BTIG acted as sole bookrunner on the deal.
