Churchill Capital Corp. VI CCIV.U,
said Friday that it increased its initial public offering to 48 million units from a previous plan to offer 46 million, and shares are expected to begin trading Friday on the New York Stock Exchange under the symbol “CCVI.U “. The special purpose acquisition corporation, or SPAC, is the latest from former Citigroup Inc. banker Michael Klein. SPACs, or blank check companies, are those that raise money on a IPO and then have two years to acquire one or more businesses. It has become a popular way to go public during the pandemic and hit a record $ 82 billion in revenue by 2020, according to Dealogic data. Klein’s Churchill Capital Corp. IV CCIV,
SPAC has been the subject of speculation about the possibility of acquiring electric vehicle manufacturer Lucid Motors, but the company has declined to comment.