Paul Weiss-Led Churchill Capital Prices $1B Blank-Check IPO

Law360 (February 14, 2020, 4:10 PM EST) -- Churchill Capital Corp. III, a blank-check company run by former Citigroup executive Michael Klein, said Friday it has raised $1 billion in a historically large initial public offering, guided by Paul Weiss Rifkind Wharton & Garrison LLP and underwriter's counsel Winston & Strawn LLP.

Churchill Capital sold 100 million units at $10 each, completing a deal that was significantly larger than its original plans to issue 60 million units. The offering was one of two blank-check IPOs to price Friday, the other being a $50 million deal by Newborn Acquisition Corp.

Blank-check companies are shell entities that raise money through IPOs...

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