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Former Trump Economic Advisor's Blank Check Company Files For $600M IPO

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Former Trump Economic Advisor's Blank Check Company Files For $600M IPO

Cohn Robbins Holdings Corp, a blank check company co-founded by former presidential economic advisor Gary Cohn and investor Clifton S. Robbins, filed for an initial public offering with the United States Securities and Exchange Commission Tuesday.

What Happened: The company will offer 60 million shares valued at $10 each and proposes to list on the New York Stock Exchange under the symbol “CRHC.U,” according to its S-1 filing.

Credit Suisse Group AG (NYSE: CS) is serving as the sole book-running manager for the offering.

Formerly known as CSR Acquisition Corp, the special purpose acquisition company had filed previously to raise $300 million, Reuters reported.

Cohn served in President Donald Trump's administration and is most remembered to be associated with the White House's 2017 tax reorganization. He also formerly served as a president and chief operating officer at Goldman Sachs Group Inc (NYSE: GS). 

Why It Matters: According to data compiled by SPACInsider, 79 blank check companies have raised $32 billion in the year so far.

Several high-profile public debuts have taken place through this route this year, including Nikola Corporation (NASDAQ: NKLA), which merged with VectoIQ Acquisition.

Recently, electric-vehicle-maker Canoo said it would go public later in 2020 through a likely reverse merger with Hennessy Capital Acquisition Corp IV (NASDAQ: HCAC).

Another EV-maker, Fisker Inc, plans to merge with Spartan Energy (NYSE: SPAQ), a blank check company, in October.

Photo courtesy: The White House via Wikimedia

 

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