Churchill Capital Corp IV, the fourth blank check company founded by dealmaker and former Citi executive Michael Klein, raised $1.8 billion by offering 180 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company offered 30 million more units than anticipated. It originally planned to offer 100 million units before upsizing its offering on Monday.
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The company is led by CEO and Chairman Michael Klein. Klein is the founder and Managing partner of strategic advisory firm M. Klein and Company, and currently serves as a director for Credit Suisse. Prior to that, he served various roles at Citi and Salomon Smith Barney from 1985 to 2008, most recently as Chairman and Co-CEO of Citi Markets and Banking. The company plans to target industries with compelling long-term growth prospects, opportunities to affect valuation improvements, attractive competitive dynamics, and consolidation opportunities. It plans to target businesses with competitive advantages, significant streams of recurring revenue, opportunity for operational improvement, attractive steady-state margins, high incremental margins, and attractive free cash flow characteristics.
Klein's other SPACs include Churchill Capital Corp III (CCXX; +10% from IPO), which raised $1 billion in February 2020 and recently announced an $11 billion merger agreement with healthcare management services provider MultiPlan; Churchill Capital Corp II (CCX; +10%), which IPO'd in June 2019; and Churchill Capital Corp, which IPO'd in September 2018 and acquired Clarivate Analytics (CCC; +188%) in May 2019.
Churchill Capital Corp IV plans to list on the NYSE under the symbol CCIV.U. Citi, Goldman Sachs and J.P. Morgan acted as lead managers on the deal.
