Michael Klein-backed SPACs raise $1.68 billion in initial public offerings

Two blank-check firms, led by veteran Wall Street dealmaker Michael Klein, collectively raised $1.68 billion in initial public offerings, their regulatory filings showed on Friday.
 

Churchill Capital Corp VI raised $480 million after upsizing their offer from $400 million, while Churchill Capital Corp VII garnered $1.2 billion, raising from $1 billion.
 

Blank-check firms are shell companies, also known as special purpose acquisition companies (SPACs). They use capital raised through a public offer to buy a private firm, typically within two years, in a deal that takes the private firm public.
 

Investors are not told in advance which company the SPAC