The IPO Buzz: Churchill Capital IX Prices First SPAC IPO of May

First SPAC IPO of May:  Michael Klein’s SPAC IPO – Churchill Capital Corp. IX/Cayman (CCIXU) was priced Wednesday night, May 1, 2024, to trade today – Thursday, May 2 – on the NASDAQ. Churchill Capital Corp. IX priced its SPAC IPO in sync with the terms in its prospectus: 25.0 million units at $10.00 each to raise $250.0 million. Each unit consists of one Class A ordinary share and one-fourth of a warrant.

Churchill Capital IX shares opened at $10.07 – up 7 cents – on volume of about 1.4 million shares in its NASDAQ debut at 11:14 a.m. EDT today – Thursday, May 2, 2024. The stock’s session high so far is $10.08. Shortly after noon, Churchill Capital IX shares traded at $10.06, their session low so far.

Citigroup was the sole book-runner.

The SPAC IPO market had been quiet since late March.

Churchill Capital Corp. IX, incorporated in the Cayman Islands, did not say that it would focus on a target industry or sector in its prospectus.

This SPAC created some buzz in the IPO market due to its pedigree – backing from former Citi banker Michael Klein.