Churchill Capital XIII, the latest blank-check company from dealmaker Michael Klein, has filed for a $300 million initial public offering. The filing, made public this week, adds another vehicle to Klein’s growing stable of SPACs and suggests that despite a cooler market for special-purpose acquisition companies, sponsors are still willing to raise new funds.
What the filing says
The SPAC intends to offer 30 million units at $10 each, with each unit consisting of one share of common stock and one-half of a warrant. The company has not yet identified a target business, but plans to focus on sectors where Klein’s team has experience. The offering is being underwritten by Citigroup, Goldman Sachs, and Wells Fargo Securities.
Michael Klein’s track record
Klein is a veteran SPAC sponsor. He previously led Churchill Capital Corp, which merged with electric-vehicle maker Lucid Motors in a deal valued at $24 billion. Other Churchill SPACs have targeted companies in technology, healthcare, and financial services. The new vehicle, Churchill Capital XIII, is the thirteenth in the series.
The filing comes after a period of regulatory scrutiny and market volatility that cooled the SPAC boom of 2020-2021. Many blank-check companies have struggled to find targets or complete mergers. Yet the Churchill Capital XIII filing indicates that some sponsors still see opportunity. The $300 million target is modest compared to earlier mega-SPACs, but it shows the structure is not dead.
What happens next
The IPO is expected to price in the coming weeks, pending market conditions. Once listed, Churchill Capital XIII will have up to 24 months to identify and complete a merger. Investors will be watching to see whether Klein can replicate his earlier success in a more cautious environment.
