Churchill Capital Corp. VI CCIV.U,
said on Friday that it had increased the initial public offering to 48 million units from a previous plan to offer 46 million, with the shares set to begin trading on the New York Stock Exchange on Friday under the symbol “CCVI.U”. The special purpose purchasing company, or SPAC, is the latest from former banker Citigroup Inc. Michael Klein. SPACs or blank check companies are those that raise money in an IPO and then have two years to acquire a business or business. It became a popular way to go public during the pandemic and accumulated a record $ 82 billion in revenue in 2020, according to Dealogic data. Klein’s Churchill Capital Corp. IV CCIV,
SPAC speculated that it could acquire electric vehicle manufacturer Lucid Motors, but the company declined to comment.