Capitol Acquisition Corp. III
CLAC
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- Capitol Acquisition Corp. III (CLAC) operates as a blank check company, or special purpose acquisition company (SPAC), with no significant ongoing operations. The company focuses on effecting a merger, share exchange, asset acquisition, stock purchase, plan of arrangement, recapitalization, reorganization, or similar business combination with one or more businesses or entities. Founded in 2015 and headquartered at 509 7th Street, N.W., Washington, D.C., it raised $325 million in its initial public offering in October 2015, with securities listed on Nasdaq under tickers CLAC, CLACW, and CLACU. The firm does not manufacture or sell products but provides a public investment vehicle targeting attractive operating businesses, primarily in undisclosed sectors prior to a combination. Its structure supports single or multiple transactions to combine with targets, holding proceeds in trust until deployment. In a major development, Capitol Acquisition Corp. III completed a reverse merger with Cision, Ltd. (formerly Canyon Holdings S.a.r.l.), a global provider of cloud-based earned media solutions, on June 29, 2017. The transaction valued the combined entity at an initial enterprise value of approximately $2.4 billion, with Cision contributed to a wholly-owned subsidiary of Capitol that survived as the public company, renamed Cision Ltd. and relisted on NYSE under CISN. Post-merger, GTCR retained majority ownership, Capitol stockholders held about 32% of the new entity, and Capitol's leadership, including Chairman Mark D. Ein, joined the board. No significant developments, such as additional partnerships, funding rounds, or operational changes, have been reported for Capitol Acquisition Corp. III in the last 1-2 years, with activity dormant following the 2017 combination.