Churchill Capital Launches Fifth SPAC

Michael Klein, one of the prominent names in the special purpose acquisition sector, is back with his fifth offering.

The SPAC's Management Team: Churchill Capital Corp V CCV will be led by Klein, who is also the founder and managing partner of M. Klein and Co. Klein spent over 20 years at Citigroup C and its predecessors. Citigroup will serve as the underwriter on this offering.

The company wishes to list on the New York Stock Exchange under the ticker "CCV.U," according to a Tuesday SEC filing. 

The First 4 SPACs: Churchill Capital Corp raised $690 million back in 2018 and merged with Clarivate Analytics CCC in 2019. Clarivate shares are up 64% over the last year.
Churchill Capital Corp II CCX raised $690 million in 2019 and is searching for a target.

Churchill Capital Corp III CCXX, which raised $1.1 billion in 2019, announced a merger with MultiPlan Inc. The deal with the end-to-end health care cost management solutions provider was the largest SPAC deal in history when it was announced.

Churchill Capital Corp IV CCIV raised $1.8 billion earlier this year.

The Offering: The company will sell 30 million units at $10 each, good for a $300-million raise. Each unit will come with one-fourth of a warrant to purchase a common share at $11.50.

This will be the smallest SPAC offered in the Churchill Capital Corp. SPAC family to date.

About Churchill Capital Corp V: The new SPAC intends to focus on a company that has competitive advantages, significant streams of recurring revenue, an opportunity for operational improvement, attractive margins and attractive free cash flow.

An acquisition target would benefit from the management team’s capabilities and complement the expertise of founder Klein, the company said. 

Churchill Capital is also seeking a company that could benefit from additional acquisitions to grow inorganically.