SPAC Churchill Capital IX prices $250 million IPO

Churchill Capital Corp IX, a blank check company founded by dealmaker and former Citi executive Michael Klein, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and and one-quarter of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Michael Klein, the founder and Managing Partner of strategic advisory firm M. Klein and Company. He previously held various roles at Citi and Salomon Smith Barney. CFO Jay Taragin is the CFO of M. Klein and Company. The SPAC plans to target businesses that generate stable free cash flow, are sourced through Churchill's proprietary channels, and has a committed and capable management team, among other characteristics.

Klein's most recent SPACs include Churchill Capital Corp VII (CVII; +7% from $10 offer price), which has a pending merger agreement with UK-based SME owner CorpAcq, and Churchill Capital Corp VI (CCVI.U) and Churchill Capital Corp V (CCV.U), which have liquidated. Other past SPACs include Churchill Capital Corp IV, which merged with EV maker Lucid (LCID; -74%) in 2021, and Churchill Capital Corp III, which merged with healthcare services provider MultiPlan (MPLN; -94%) in 2020.

Churchill Capital Corp IX plans to list on the Nasdaq under the symbol CCIXU. Citi acted as sole bookrunner on the deal.