Churchill Capital Corp. VI passes its IPO at 48 million units

Churchill Capital Corp. VI CCIV.U,

said on Friday it had increased its initial public offering to 48 million units from a previous plan to offer 46 million, with the shares scheduled to start trading on Friday on the New York Stock Exchange under the ticker symbol “CCVI .U ”. The Special Purpose Acquisition Company, or SPAC, is the latest from ex-Citigroup Inc. banker Michael Klein. PSPCs, or blank check companies, are those that raise funds during an IPO and then have two years to acquire one or more companies. It became a popular way to go public during the pandemic and raised a record $ 82 billion in revenue in 2020, according to Dealogic data. Klein’s Churchill Capital Corp. IV CCIV,
-4.17%
PSPC has been the subject of speculation that it may acquire electric vehicle maker Lucid Motors, but the company declined to comment.