Blank-check firm backed by billionaire Charles Ergen cuts IPO size

CONX

26/10/2020 10:59

Oct 26 (Reuters) - CONX Corp, a blank-check company led by
billionaire Charles Ergen, downsized its initial public offering
on Monday, the latest special-purpose acquisition company (SPAC)
to cut its offering size in recent weeks.
    The company is now looking to raise $750 million, selling 75
million shares at $10 apiece, its regulatory filing https://bit.ly/37I6Jck
 showed. It had earlier aimed to raise $1 billion.
    Ergen is the chairman of satellite TV provider Dish Network
Corp  DISH.O  and also serves as the chairman of satellite
operator EchoStar Corp.
    Deutsche Bank Securities is the underwriter for CONX's
offering.
    Blank-check firm Bluescape Opportunities Acquisition Corp
also downsized its offering on Monday, now looking to raise as
much as $575 million from an earlier aim of $700 million. (https://bit.ly/3jrtSlz)
    Several SPACs like Acies Acquisition Corp, led by former MGM
Resorts International  MGM.N  CEO James Murren, have downsized
their offerings recently, even as others backed by more
experienced sponsors continue to see high investor demand for
their blank-checks. 
    Two SPACs backed by venture investor Chamath Palihapitiya
upsized their IPOs earlier this month.  urn:newsml:reuters.com:*:nASA0184Z  urn:newsml:reuters.com:*:nASA0184Y

 (Reporting by Niket Nishant in Bengaluru; Editing by
Ramakrishnan M.)
 ((Niket.Nishant@thomsonreuters.com;))