2 Blank-Check IPOs Net $575M To Hunt For Acquisitions

By Tom Zanki (July 8, 2021, 8:14 PM EDT) -- Two blank-check companies went public on Thursday after completing initial public offerings that raised $575 million combined in acquisition funding guided by four law firms total, including one offering backed by blank-check veteran and former Citigroup executive Michael Klein.

AltC Acquisition Corp., represented by Weil, Gotshal & Manges LLP, sold 45 million units at $10 each, raising $450 million. AltC's deal upsized from an initial projection of $400 million based on its original plans to sell 40 million units.

New York-based AltC is led by co-founders Klein, a former CEO at Citigroup Inc.'s global banking division who frequently backs blank-check vehicles, and...

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