Churchill Capital XII, a blank check company founded by dealmaker and former Citi executive Michael Klein, raised $360 million by offering 36 million units at $10. Each unit consists of one share of common stock, and one-tenth of one warrant to purchase a share, exercisable at $11.50.

The company is led by CEO and Chairman Michael Klein, the founder and Managing Partner of strategic advisory firm M. Klein and Company. He previously held various roles at Citi and Salomon Smith Barney. He is joined by CFO Jay Taragin, the CFO of M. Klein and Company. The SPAC plans to target businesses that have recurring revenue, potential to generate stable free cash flow, potential to grow through additional acquisitions, are sourced through Churchill's proprietary channels, and have a committed and capable management team, among other characteristics.

Klein's most recent SPACs include Churchill Capital XI (CCXIU; +3% from $10 offer price), which went public in December 2026, Churchill Capital X which is merged with quantum computer developer Infleqtion (INFQ; +33%), Churchill Capital Corp IX (CCIX; +8%), which is pending a merger with autonomous trucking software developer PlusAI, and Churchill Capital Corp VII (CVII), Churchill Capital VI (CCVI.U), and Churchill Capital V (CCV.U) which have all liquidated. Other past SPACs include Churchill Capital Corp IV, which merged with EV maker Lucid (LCID; -41%) in 2021, and Churchill Capital Corp III, which merged with healthcare services provider MultiPlan (now Claritev; CTEV; +75%) in 2020.

The New York, NY-based company will trade on the Nasdaq under the symbol CXIIU. Citi acted as sole bookrunner on the deal.