CCIV - Michael Klein aims to raise $1.2B for new SPAC despite CCIV's big pullback on Lucid Motors deal

Weeks after cutting a controversial deal to by electric-vehicle maker Lucid Motors, serial SPAC financier Michael Klein is launching an initial public offering to raise up to $1.15B for AltC Acquisition Corp. (ALCCU), his eighth special purpose acquisition company.Klein is teaming up with Sam Altman, chairman of Silicon Valley business accelerator Y Combinator, to create the ALCCU.Plans call for the SPAC to sell 100M investment units at $10 apiece, with each consisting of one Class A share and 0.166 warrants entitling holders to buy a second share at $11.50 in the future.The SPAC’s sponsor, which is affiliated with Klein’s M. Klein & Co., is also granting underwriters the option to buy as many as 15M additional units for overallotments, potentially raising another $150M.Additionally, the sponsor plans to invest $25M for 25M warrants priced at $1 apiece, with each entitling it to purchase one Class A share at $11.50 in the

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Michael Klein aims to raise $1.2B for new SPAC despite CCIV’s big pullback on Lucid Motors deal