JPMorgan Chase – Klein’s Churchill Said to Raise $1.68 Billion in Two New SPACs
Financier Michael Klein raised a combined $1.68 billion in initial public offerings of two new blank-check companies, according to a person with knowledge of the matter.
Churchill Capital Corp. VI raised $480 million, upsized from $400 million in the IPO, said the person, who asked not to be identified because the information wasn’t public yet. A second special purpose acquisition company, Churchill Capital Corp. VII, raised $1.2 billion after earlier planning to raise $1 billion, the person said.
A representative for Churchill Capital declined to comment.
One of Klein’s SPACs is in talks to take Lucid Motors Inc. public in a transaction that would value the carmaker at about $15 billion, Bloomberg News has reported. That SPAC, Churchill Capital Corp IV, closed trading Thursday at $31.50 a share, more than three times its $10 trust price.
JPMorgan Chase & Co. is leading the Churchill VI IPO, while Churchill VII is being advised by Citigroup Inc.