Churchill Capital Corp XIII Prices Upsized $360 Million SPAC IPO on Nasdaq

Churchill Capital Corp XIII, a special purpose acquisition company (SPAC) founded by Michael Klein, has priced an upsized initial public offering, raising $360 million in gross proceeds. The company's units are slated to be listed on the Nasdaq Global Market under the ticker symbol "XIIIU."

Offering Details

The company announced it sold 36,000,000 units at a price of $10.00 each, according to a press release. The offering is being managed by Citigroup, which is acting as the sole book-running manager.

Key terms of the offering include:

• Unit Structure: Each unit consists of one Class A ordinary share and one-tenth of one redeemable warrant.
• Warrant Terms: Each whole warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50.
• Future Trading: Once the securities begin separate trading, the shares and warrants are expected to trade on Nasdaq under the symbols "XIII" and "XIIIW," respectively.

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The offering is anticipated to close on August 3, 2026, subject to customary closing conditions. The underwriter has been granted a 45-day option to purchase up to an additional 5,400,000 units to cover any over-allotments.

Company Strategy

Churchill Capital Corp XIII is a blank-check company formed for the purpose of effecting a merger, asset acquisition, or other business combination. The SPAC has not identified a specific industry for its acquisition target, giving it a broad mandate to pursue opportunities across various sectors.

For investors, participation in a SPAC IPO is effectively a bet on the management team's ability to source and execute a successful deal. The capital raised in the IPO is held in a trust account until a target company is acquired, at which point the SPAC merges with the target, taking it public in the process.