DISH Founder Charles Ergen is launching Conx Corp (NASDAQ:CONX), a SPAC targeting the technology, media and telecom sector.
About Conx: The SPAC is targeting a company that has attractive growth, recurring revenue and earnings growth or the potential for both, strong free cash flow or the potential, a strong competitive position and an experienced management team.
From 2010 to 2019, there were 550 transactions valued $1 billion to $10 billion in the TMT sector totaling more than $1 trillion.
The Management Team: Ergen is one of the most prominent figures in the TMT industry and is a 2012 Consumer Electronics Hall of Fame inductee.
Ergen helped pass the satellite home viewers improvement act in 19999 and is the co-founder of the Satellite Broadcasting Communications Association.
In 1980, Ergen co-founded Dish Network Corporation (NASDAQ:DISH), a company he still chairs. Dish is the nation's fourth-largest live-linear television program provider.
Ergen helped the company spinoff its technology and set-top box business into EchoStar Corporation (NASDAQ:SATS) in 2008, a company Ergen serves as the Executive Chairman of.
Ergen has been part of Dish’s purchase of wireless spectrum assets and the Boost Mobile brand from Sprint. The moves have helped make Dish the fourth nationwide wireless carrier in the U.S.
Ergen owns 52.2% of Dish and 51.2% of EchoStar. He has 91% voting rights in both companies.
The Offering: Conx plans to offer 100 million units at $10 each, raising $1 billion in proceeds. Each unit will contain one-fourth of a warrant to purchase a common share for $11.50. Common shares will trade on the Nasdaq as CONX.
Deutsche Bank will serve as the underwriter on the offering.