This is a standard SPAC IPO with no target identified. Monitor for future announcements regarding a business combination target, which will be the primary catalyst for the stock. The 24-month deadline for a deal is July 2028.
Executive Summary
Churchill Capital Corp XIII (XIII) has priced its initial public offering of 36,000,000 units at $10.00 per unit, raising $360,000,000 in gross proceeds. The SPAC, led by Michael Klein, will deposit $360.0 million into a trust account to pursue an initial business combination within 24 months (or 27 months with a signed LOI). The offering is a standard SPAC IPO with significant sponsor incentives and potential dilution for public shareholders.
Key Financial Metrics
Key Facts
- 36,000,000 units offered at $10.00 per unit, raising $360,000,000 in gross proceeds.
- $360.0 million will be deposited into a trust account, representing $10.00 per unit.
- Each unit consists of one Class A ordinary share and one-tenth of one warrant (exercise price $11.50 per share).
- Underwriter is Citigroup; underwriting commissions total $20,500,000 including $15,100,000 in deferred fees.
- Sponsor purchased 350,000 private placement units for $3,500,000, and holds 13,800,000 founder shares purchased for $25,000.
- SPAC has 24 months (or 27 months with a signed LOI) to complete an initial business combination.
- Sponsor and management own 25.6% of ordinary shares post-offering (assuming no over-allotment).
- Units to list on Nasdaq under symbol 'XIIIU'; Class A shares and warrants under 'XIII' and 'XIIIW'.
Financial Impact
Gross proceeds of $360,000,000 from the IPO, with $360,000,000 placed in trust. Sponsor invested $3,525,000 total ($25,000 for founder shares + $3,500,000 for private placement units).
Risk Factors
- No identified target; risk of liquidation if no deal is completed within 24 months.
- Significant dilution from founder shares purchased at $0.002 per share vs. $10.00 public offering price.
- Sponsor and management have conflicts of interest that may prioritize deal completion over shareholder value.
- Warrants may expire worthless if no business combination is completed.
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (XIII) — Batch item 1 | 0001213900-26-083832 |
| Document: 0001213900-26-083832-index-headers.html | 0001213900-26-083832 |
| Document: 0001213900-26-083832-index.html | 0001213900-26-083832 |
| Document: 0001213900-26-083832.txt | 0001213900-26-083832 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 3 | $10.20 | awaiting T+20 | — | $10.25 (+0.46%) |
Oct 26, 2026 today | 8-K | $10.20 | awaiting T+20 | — | $10.25 (+0.49%) |
Sep 16, 2026 5w ago | 8-K | — | awaiting T+20 | — | — |
Sep 16, 2026 5w ago | Press Release | — | awaiting T+20 | — | — |
Jul 31, 2026 12w ago | 424B4 | — | awaiting T+20 | — | — |
Jul 31, 2026 12w ago | EFFECT | — | awaiting T+20 | — | — |
Jul 30, 2026 12w ago | 3 | — | awaiting T+20 | — | — |
Jul 30, 2026 12w ago | Press Release | — | awaiting T+20 | — | — |
US Market Status
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