Churchill Capital Corp III’s $1 Billion Initial Public Offering

Winston & Strawn LLP represented the underwriters, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Maxim Group LLC, in the $1 billion initial public offering of Churchill Capital Corp III.

Churchill Capital sold 100 million units at $10 each, completing a deal that was significantly larger than its original plans to issue 60 million units. The offering was one of two blank-check IPOs to price Friday.

Churchill Capital is the largest SPAC ever priced, it is only the third SPAC to price with a 1/4 warrant. Churchill Capital’s offering could ultimately raise $1.1 billion if underwriters buy an additional 10 million units at the IPO price within 45 days.

Churchill Capital units began trading Friday on the New York Stock Exchange under the symbol CCXX.U. Each unit of Churchill Capital entitles the owner to one share of the company’s common stock and ¼ of one warrant to buy an additional share at $11.50 each.

Winston team was led by Partner Joel Rubinstein (Picture; New York), assisted by Partner Jonathan Rochwarger (New York), Partner Elliott Smith (New York), Associate Jordan Leon (New York), Associate Daniel Nussen (Los Angeles), and Associate Sarah Ross (New York).

Involved fees earner: Jordan Leon – Winston & Strawn; Daniel Nussen – Winston & Strawn; Jonathan Rochwarger – Winston & Strawn; Sarah Ross – Winston & Strawn; Joel Rubinstein – Winston & Strawn; Elliott Smith – Winston & Strawn;

Law Firms: Winston & Strawn;

Clients: Citigroup Global Markets Ltd; Goldman Sachs & Co.; Maxim Group LLC;