Churchill II Supersizes Their SPAC
Increases Deal Size to $600 Million.
Churchill Capital Corp. II, filed an amended prospectus this afternoon, increasing their deal size to $600 million. Demand has been BIG for this deal, so an upsize this large is completely do-able. However, it remains to be seen how this will affect day-one trading. If we go by Churchill I, which also started at $400 million, then upsized to $450 million and then again to $600 million, that deal closed day-one at $10.05. However, Churchill II has the wind at their backs since they now have one extremely successful SPAC combination under their belts with the Clarivate transaction. As a result, demand should be even greater than it was for Churchill I.
Additionally, Churchill II filed their 8-a12b and CERT this morning indicating that there is a strong possibility they will price their IPO tonight instead of tomorrow. Stay tuned for any additional updates…