Upsize this: That’s the trend this week with SPAC IPOs. Churchill Capital Corp. X/Cayman (CCCXU), a New York-based SPAC founded and run by dealmaker Michael Klein, increased its IPO’s size to 36.0 million units – up from 30.0 million units in the prospectus – and priced the deal at $10.00 per unit – the price in the prospectus – to raise $360 million on Tuesday night, May 13, 2025. Each unit consists of one share of stock and one-fourth of a redeemable warrant, the prospectus said.
Churchill Capital Corp. X/Cayman (CCCXU) rose 27 cents to open at $10.27 today – Wednesday, May 14, 2025 – on the NASDAQ.
BTIG, LLC served as the sole underwriter.
Churchill Capital Corp. X/Cayman (CCCXU) did not specify a sector or a geographic region when describing its search for an acquisition or initial business combination target in the prospectus. Instead, Churchill Capital Corp. X/Cayman “will search for businesses with stable free cash flow and a capable management team,” the prospectus said. .
CEO and Chairman Michael Klein is the founder and managing partner of M. Klein and Company, a strategic advisory firm. He made his name on Wall Street during his career at Citigroup and Salomon Smith Barney.
CFO Jay Taragin is also the CFO of M. Klein and Company.
Perimeter Acquisition I Raises $210 Million
Defense- and national security-focused Perimeter Acquisition Corp. I (PMTRU), a Dallas-based SPAC, upsized its deal at pricing to 21.0 million units – up from 17.5 million units in the prospectus – and priced its IPO at $10.00 per unit – the standard SPAC IPO price – to raise $210 million on Monday night, May 12, 2025. Each unit consists of one share of stock and one-half of a redeemable warrant, the prospectus said.
Perimeter Acquisition Corp. I (PMTRU) gained 10 cents to open at $10.10 on Tuesday, May 13, 2025 – its first day of NASDAQ trading. At the closing bell on Tuesday, May 13, Perimeter Acquisition Corp. 1 (PMTRU) ended its first day of NASDAQ trading at $10.15 – up 15 cents or 1.5 percent.
Citigroup acted as the sole underwriter.
Perimeter Acquisition Corp. I (PMTRU) said its search for target companies will focus on businesses based in the U.S. or in countries that are U.S. allies – an emphasis that makes sense for a SPAC involved in the defense and national security arena.
Executive Chairman Jordan Blashek is the co-founder and managing partner of America’s Frontier Fund, an early-stage venture capital firm, the prospectus said.
CEO Josef Valdman is the founder and managing partner of Slate Hill Partners.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
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