Michael Klein Raises $1.6B With 6th And 7th SPACs, CCIV Continues To Rise | Fintech Zoom

Former Citigroup executive Michael Klein is becoming one of the most well-known names in the SPAC world. Last week, the dealmaker launched two additional SPACs under the Churchill Capital umbrella.

What Happened: Two new SPACs began trading on Friday from Klein’s Churchill Capital Corp.

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Churchill Capital Corp VI (NYSE: CCVI) raised $480 million in its offering, upsized from the originally planned $400 million. Units trade as CCVIU and common shares will trade as CCVI when offered.

Churchill Capital Corp VII (NYSE: CVII) raised $1.2 billion in its offering, upsized from an original offering of $1 billion. Units trade as CVIIU and common shares will trade as CVII when offered.

Both SPACs are targeting any industry or business combination with a focus on areas the management team has experience with.

Units for each of these new SPACs include one common share and one-fifth of a warrant.

Related Link: Churchill Capital Corp IV Shares Rise On Lucid Motors CNBC Appearance

Why It’s Important: Klein has been a strong name in the industry, with seven SPACs now launched under the Churchill Capital name.

Klein’s fourth SPAC Churchill Capital Corp IV (NYSE: CCIV) is one of the most talked-about SPACs currently searching for a target.

Churchill Capital Corp IV sold 100,000 units in its July 2020 offering. Units included one common share and one-fifth of a warrant.

Churchill Capital Corp IV has been linked with rumors of taking EV company Lucid Motors public since January.

Shares of Churchill Capital Corp IV closed up 27% higher to $39.98 on Friday, hitting a new all-time high of $41.38 in intra-day trading.

Churchill Capital Corp IV is the SPAC trading at the highest premium to NAV without an announced merger. If the SPAC lands Lucid Motors, Klein SPACs could get more attention and attract new buyers and pre-deal premiums.

price Action: Churchill Capital Corp VI units closed at $11.29 on Friday; Churchill Capital Corp VII units closed at $10.66.

Disclosure: The author has a long position in shares of CCIV.

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Tags: CCIV Stock, Churchill Capital Corp IV
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