Churchill Capital Corp. VI upsizes IPO to 48 million units

Churchill Capital Corp. VI
CCIV.U,

said Friday it upsized its initial public offering to 48 million units from an earlier plan to offer 46 million, with shares expected to start trading Friday on the New York Stock Exchange under the ticker symbol ‘CCVI.U.’ The special purpose acquisition corporation, or SPAC, is the latest one from ex-Citigroup Inc. banker Michael Klein. SPACs, or blank-check companies, are ones that raise money in an IPO and then have two years to acquire a business or businesses. It has become a popular way to go public during the pandemic and raised a record of $82 billion in proceeds in 2020, according to Dealogic data. Klein’s Churchill Capital Corp. IV
CCIV,
-4.17%
SPAC has been the subject of speculation that it may acquire electric vehicle maker Lucid Motors, but the company has declined to comment.