Michael Klein's fifth SPAC Churchill Capital Corp V files for a $300 million IPO

Churchill Capital Corp V, the fifth blank check company founded by dealmaker and former Citi executive Michael Klein, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed price, Churchill Capital Corp V would command a market value of $375 million.

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.

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. Klein's other SPACs include Churchill Capital Corp III (CCXX; +13%), which IPO'd in February and has an $11 billion merger agreement with MultiPlan; Churchill Capital Corp II (CCX; +7%), which IPO'd in June 2019 and is reportedly in talks to acquire golf and restaurant center TopGolf; and Churchill Capital Corp, which IPO'd in September 2018 and acquired Clarivate Analytics (CCC; +192%) in May 2019.

Churchill Capital Corp V was founded in 2020 and plans to list on the NYSE under the symbol CCV.U. Citi is the sole bookrunner on the deal. No pricing terms were disclosed.