Churchill Capital Corp XIII Prices $360M IPO on Nasdaq

Churchill Capital Corp XIII, the latest blank-check company from the Churchill Capital family, has priced its initial public offering at $360 million. The special purpose acquisition company (SPAC) will list its shares on the Nasdaq under a ticker to be announced. The offering consists of 36 million units at $10.00 per unit, each unit comprising one share of common stock and one-half of a warrant.

This IPO marks the 13th SPAC launched by the Churchill Capital group, which is led by Michael Klein. The firm has a track record of merging with high-growth companies in sectors such as technology and healthcare. Proceeds from the offering will be placed in a trust account until the company identifies a target for acquisition.

Churchill Capital Corp XIII aims to find a merger partner within the next two years. If no deal is completed by that deadline, the funds will be returned to shareholders. The SPAC structure continues to be a popular route for private companies to go public, despite increased regulatory scrutiny and market volatility.

The offering is being led by underwriters including Citigroup and BofA Securities. The IPO is expected to close soon after meeting customary conditions. Investors have shown renewed appetite for SPACs as the market adjusts to a more selective environment.