Churchill Capital Corp VII Announces Pricing of Upsized $1.2 Billion Initial Public Offering

Rhea-AI Summary

Churchill Capital Corp VII announced the pricing of its initial public offering (IPO) of 120 million units at $10.00 each. The offering will trade on the NYSE under the symbol 'CVII.U' from February 12, 2021. Each unit comprises one share of Class A common stock and one-fifth of a warrant, with each whole warrant exercisable at an $11.50 price. The underwriters, led by Citigroup, have a 45-day option to purchase an additional 18 million units to cover over-allotments. This IPO aims to generate proceeds to pursue business combinations across various industries.

Positive

• Initial public offering priced at $10.00 per unit, raising significant capital.
• Potential for additional units to be sold, increasing total funds available for business combinations.

Negative

• Warrants at an exercise price of $11.50 may lead to shareholder dilution if exercised.
• Market uncertainty surrounding the completion of the offering and its intended use for business combinations.

NEW YORK, Feb. 12, 2021 /PRNewswire/ -- Churchill Capital Corp VII (the "Company") announced the pricing of its initial public offering of 120,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (the "NYSE") under the symbol "CVII.U" commencing on February 12, 2021. Each unit consists of one share of the Company's Class A common stock and one-fifth of one warrant, each whole warrant entitling the holder thereof to purchase one share of the Company's Class A common stock at an exercise price of $11.50 per share. Once the securities constituting the units begin separate trading, we expect that the Class A common stock and warrants will be listed on the NYSE under the symbols "CVII" and "CVII WS," respectively.

Churchill Capital Corp VII was founded by Michael Klein, who is also the founder and managing partner of M. Klein and Company. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.

Citigroup Global Markets Inc. ("Citigroup") is acting as joint bookrunner and representative of the underwriters and each of J.P. Morgan Securities LLC ("J.P. Morgan"), Goldman Sachs & Co. LLC ("Goldman Sachs") and BofA Securities ("BofA") is acting as joint bookrunner. The Company has granted the underwriters a 45-day option to purchase up to 18,000,000 additional units at the initial public offering price to cover over-allotments, if any.

This offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at (800) 831-9146; J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204, email: prospectus-eq_fi@jpmchase.com; Goldman Sachs, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: +1 866 471 2526, facsimile: +1 212 902 9316, or email: prospectus-ny@ny.email.gs.com; and BofA, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or email: dg.prospectus_requests@bofa.com.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

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SOURCE Churchill Capital Corp VII

FAQ

What is the pricing of Churchill Capital Corp VII's IPO on February 12, 2021?

The IPO is priced at $10.00 per unit.

What does each unit in the IPO consist of?

Each unit consists of one share of Class A common stock and one-fifth of one warrant.

What is the ticker symbol for Churchill Capital Corp VII's IPO?

The ticker symbol on the NYSE is 'CVII.U'.

What is the exercise price of the warrants included in the IPO?

The warrants have an exercise price of $11.50 per share.

Who are the underwriters for the IPO of Churchill Capital Corp VII?

Citigroup, J.P. Morgan, Goldman Sachs, and BofA Securities are acting as joint bookrunners.