Klein's sixth SPAC Churchill Capital Corp VI files for a $400 million IPO

Churchill Capital Corp VI, the sixth blank check company founded by dealmaker and former Citi executive Michael Klein, filed on Monday with the SEC to raise up to $400 million in an initial public offering.

The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Churchill Capital Corp VI would command a market value of $500 million.

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 from 1985 to 2008, most recently as Chairman and Co-CEO of Citi Markets and Banking. 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 has a committed and capable management team, among other characteristics.

Churchill Capital Corp VI filed concurrently with Churchill Capital Corp VII (CVIIU.RC), Klein's seventh SPAC, which plans to raise $300 million. Klein's previous SPACs include Churchill Capital Corp V (CCV.U; +6% from $10 offer price), which went public in December 2020; Churchill Capital Corp IV (CCIV; +0%), which raised $1.8 billion in July 2020; Churchill Capital Corp III, which went public in February 2020 and completed its merger with MultiPlan (MPLN; -22%) in October; Churchill Capital Corp II (CCX; +5%), which went public in June 2019 and has a pending merger agreement with Skillsoft and Global Knowledge; and Churchill Capital Corp, which went public in September 2018 and acquired Clarivate Analytics (CCC; +207%) in May 2019.

Churchill Capital Corp VI was founded in 2020 and plans to list on the NYSE under the symbol CCVI.U. J.P. Morgan, Citi, Goldman Sachs, and BofA Securities are the joint bookrunners on the deal.